GoTo, Indonesia’s biggest start-up, plans to raise up to $1.3bn in an initial public offering, as it looks to shrug off a global decline in technology stocks and lure investors who want to cash in on the country’s booming digital economy.
The group, formed last year following an $18bn merger of superapp Gojek and ecommerce business Tokopedia, said on Tuesday it planned to sell up to 52bn shares in a listing on the Indonesia Stock Exchange next month.
The IPO follows a wave of fundraising by Indonesian start-ups, including the recent listing of ecommerce business Bukalapak, the biggest ever on the Indonesian stock market.
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