AHP advises GoTo in its IPO

Assegaf Hamzah & Partners acted as the Indonesian legal counsel to PT GoTo Gojek Tokopedia Tbk (“GoTo”), the largest technology group in Indonesia, combining on-demand, e-commerce and financial services through the Gojek, Tokopedia and GoTo Financial brands, on its IPO on 11 April 2022. GoTo offered 40.61 billion shares with an offering price of IDR 338/share. The total amount raised from the GoTo’s IPO process is approximately USD 1.1 billion (IDR 15.8 trillion), comprising USD 954.7 million (IDR13.7 trillion) in proceeds plus USD 146.3 million (IDR 2.1 trillion) from treasury shares for the purpose of over-allotment, representing a market capitalisation of approximately USD 28 billion (IDR 400.3 trillion). The proceeds of the IPO will be used as working capital, infrastructure and resources development of the group company.

GoTo is the first platform in Southeast Asia to host these three essential services in one ecosystem, capturing a majority of the Indonesian consumer household’s expenditure. This IPO breaks ground in many ways, including being the first IPO that used the Multiple Voting Rights Shares scheme in Indonesia, the establishment of the most inclusive share ownership programs in the market, and yet another major tech listing in Southeast Asia.

PT Indo Premier Sekuritas, PT Mandiri Sekuritas, PT Trimegah Sekuritas Indonesia Tbk act as the Joint Lead Underwriters.

Partners Bono Daru Adji and Intan Paramita (Mita) led the transaction, together with Senior Associate Inda Ranadireksa, Associates Rosdianthy Rais, Fahdrazi Fajar Fahmy, Mohamad Ibnu Farabi, Andin Aditya Rahman, Agnes Sebastian, Bintang Setiadi Pratama, Btari Divergensi Maharani, Edwina Chairman Afla, Jesslyn Gouwandi, Michelle Gracia Susilo, Monika Oktaviani, Muhammad Luthfi, Rininta Sharfina Affandi, Samuel Valentino, Theresia Carolina, Sabita Anjaning, Aditya Pratama, Dimaz Sofwan and Paralegal Dita Anggraini, Pungky Amalia Sari, and Muhammad Ghifari.

Bono and Mita mentioned that “the successful completion of this landmark IPO was possible due to the tireless effort and seamless collaboration between the AHP team and the GoTo group, both of whom were working towards the same goal and objective.”

Andre Soelistyo, GoTo Group CEO said, “Today we embark on a new journey as a public company. Our listing on the Indonesia Stock Exchange will strengthen our ability to pursue our mission and better serve customers. Despite global market volatility, investor interest has been strong, reflecting the rapidly growing demand in Southeast Asia for our on-demand, e-commerce and financial technology services, as well as confidence in GoTo’s position as the largest digital ecosystem in Indonesia.”