Indonesia’s Go-Jek Considering IPO, Timeframe Undecided
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Indonesian start-up Go-Jek is considering an initial public offering, president Andre Soelistyo said on Monday (05/03), but details on timing and float size haven’t been decided yet.
Andre met with Indonesia Stock Exchange chief executive on Monday to discuss the potential share sale, including a regulatory requirement to be profitable within two years of listing.
“We discussed what technology companies need [to do an IPO] and how [the exchange] can provide access,” he said.
Andre also raised the possibility of a dual-listing after Indonesia, but said a decision on where hasn’t been made.
Go-Jek is yet to appoint an underwriter for the plan, Andre said, in a sign that details around IPO size, company valuation and how much of the firm will be listed are some way off.
Go-Jek delivers everything from meals and groceries to cleaners, masseuses and hairdressers across Indonesia’s capital city Jakarta, all at the touch of a smartphone app — helping it become a crucial workaround in a city with some of the worst traffic in the world.
Bankers have listed Go-Jek’s potential IPO as a key float to track in Asia’s ride-hailing and mobile payments market, which has caught the attention of global investors.
Go-Jek raised a higher than targeted $1.5 billion in a fundraising round from several investors including Google, Temasek Holdings and Chinese technology giants Tencent Holdings and JD.com, sources said last month.
The latest round of investments valued Go-Jek at about $5 billion, the sources said.
Rivals Grab and Uber are backed by Japan’s SoftBank Group.
Go-Jek plans to expand its business beyond Indonesian borders by setting up operations in the Philippines in early 2018, with other Southeast Asian countries to follow later that year, it’s chief technology officer said in December.
On top of that, Go-Jek has said it will roll out new services soon, including installing charging stations in retail outlets that users can access through their app. The company also plans to launch a laundry pick-up and delivery service to their already extensive services.
Questions & Answers
Q.What is Go-Jek's current valuation, according to recent investment rounds?
What is Go-Jek's current valuation, according to recent investment rounds?
Go-Jek was valued at approximately $5 billion during its latest fundraising round last month. This round successfully raised more than the targeted $1.5 billion from various investors.
Q.Which specific services does Go-Jek currently provide to its customers?
Which specific services does Go-Jek currently provide to its customers?
Go-Jek delivers a wide range of services, including meals, groceries, cleaners, masseuses, and hairdressers. These services are all accessible via a smartphone app in Jakarta.
Q.What are Go-Jek's immediate expansion plans beyond Indonesia?
What are Go-Jek's immediate expansion plans beyond Indonesia?
Go-Jek intends to launch operations in the Philippines in early 2018, with further expansion into other Southeast Asian countries later that year. This marks their first international move.
Q.What new services does Go-Jek plan to introduce soon?
What new services does Go-Jek plan to introduce soon?
Go-Jek plans to roll out charging stations in retail outlets, accessible through their app. They also intend to launch a new laundry pick-up and delivery service in the near future.