Report
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GoTo, is an Indonesian holding company. The company was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player. The merger resulted in GoTo having its fingers in a whole lot of digital pies including Ride-Hailing, Food Delivery, Digital Payments, Digital Finance, and e-commerce.
In 2021, GoTo had over 2m drivers, 11m MSME sellers, 100m+ monthly active users and accounted for 2% of the national economy, as per the company.
Even though the company’s GTV was down in 2020, it still managed to grow its revenue. So far 2021, appears to have witnessed a bounce back in both GTV and revenue growth.
We’ve looked at some aspects of the deal in our previous notes: GoTo Tearsheet - Accounts for 2% of Indonesia’s Economy and GoTo Pre-IPO - US$1bn+ domestic listing.
In this note, we’ll talk in some more detail about the company’s performance and will run the deal through our ECM framework.
GoTo IPO
GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors.GoTo, is an Indonesian holding company. The company was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player. The merger resulted in GoTo having its fingers in a whole lot of digital pies including Ride-Hailing, Food Delivery, Digital Payments, Digital Finance, and e-commerce.
In 2021, GoTo had over 2m drivers, 11m MSME sellers, 100m+ monthly active users and accounted for 2% of the national economy, as per the company.
Even though the company’s GTV was down in 2020, it still managed to grow its revenue. So far 2021, appears to have witnessed a bounce back in both GTV and revenue growth.
We’ve looked at some aspects of the deal in our previous notes: GoTo Tearsheet - Accounts for 2% of Indonesia’s Economy and GoTo Pre-IPO - US$1bn+ domestic listing.
In this note, we’ll talk in some more detail about the company’s performance and will run the deal through our ECM framework.
Underlying
GoTo Group
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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