GoTo’s launch shows that the global IPO window isn’t completely closed TechCrunch

Local IPO Pays Consolidated Legal Entity of Indonesian Pioneers Gojek and Tokopedia

GoTo, combine result entity from fusion by Gojek (an Indonesian ride-hailing company) and Tokopedia (an Indonesian e-commerce company), raised about $1.1 billion (IDR 15.8 trillion, each company) in its initial public market debut on the Indonesia Stock Exchange (IDX) earlier this month. The most recently raised GoTo a $1.3 billion round by the end of 2021in what was later described as pre-IPO funding.

GoTo’s IPO can be considered a success, valuing shares at 338 Rupiah each and trading as high as 442 Rupiah, per Yahoo Finance Data. GoTo has made some profit since trading opened, but is still worth more per share than it’s priced at. The company most recently closed at 358 Rupiah, down a little more than 5% in the most recent trading session.

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The IPO market is currently active around the globe, especially in the United States, where many tech companies have historically listed. GoTo was initially interested in the details of a dual listing, but ultimately decided to only list on the Indonesian exchange.

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Given the icy global IPO environment and the fact that GoTo managed to float without sinking, The Exchange became curious. This morning, let’s explore the company’s financial performance and the resulting multiples.

From there, we’ll take a look at its selection market as we work to better understand how it seems unlikely that any high-growth tech company will go public in the United States, but listing Listing giant companies in the less hectic Indonesian market is doable.


At the time of the Gojek and Tokopedia merger, the company reported a total gross transaction volume (GTV) of $22 billion in 2020. In other words, that was already a big concern.

More recently, the company speak that in the 12 months ending September 30, 2021, it accumulated $28.8 billion in total GTV. It’s growth, if not fast growth from a platform spending standpoint.

Based on Deal Street AsiaThe summary of GoTo’s prediction results is taken from a document “made for investors”, the company is expected to scale from 3,328 trillion Rupiah ($231.7 million) in 2020, net sales reaching 6,258 trillion Rupiah ($435.8 million) in 2021. Looking forward, the company is estimated to push the net sales figure to 10,696 trillion Rupiah ($744.8 million) in 2022.

Today, GoTo is valued at 424 trillion rupiah, according to Yahoo Finance data. That works for a market capitalization is $29.53 billion. From a very loose multiples point of view, the company is valued at a multiple of forward net sales (2022) of just under 40 times, a number that doesn’t come cheap.

Do investors want to overpay for GoTo stock?

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