JAKARTA – Indonesia’s biggest tech firm GoTo Group has appointed underwriters to manage a $1 billion initial public offering which could take place as early as the first quarter of next year, Bloomberg reported on Friday, citing sources.
GoTo, a merger between ride hailing app Gojek and e-commerce Tokopedia, has hired PT Mandiri Sekuritas and PT Indo Premier Sekuritas, according to the report, which cited people familiar with the matter.
Contacted by Reuters, a GoTo representative declined to comment.
The company last month said it has raised $1.3 billion in the first close of its pre-IPO funding round. Two sources had told Reuters it could launch a local IPO in the first half of next year, with a U.S. listing expected to follow.
Indonesia is keen for its tech startup giants to launch shares sales at the local exchange and has issued rules on multiple voting shares to pave the way for the IPOs.
Earlier this year, Indonesia’s first listed unicorn PT Bukalapak.com raised $1.5 billion in the country’s biggest IPO amid a flurry of investor demand.