This article was originally published in Chinese on Momentum Works’ WeChat platform, and translated into English by the Momentum Works team.

Indonesia’s much-anticipated Gojek Tokopedia combined GoTo public listing has finally been confirmed – according to the prospectus released today (March 15), PT GoTo Gojek Tokopedia Tbk (the name of the listed company) is scheduled to be listed on the Jakarta Stock Exchange on April 4.

A few points:
  • Total transaction value (GTV) for the 12 months, which ended on September 30, 2021, reached US$28.8 billion;
  • The revenue during the same period reached US$1 billion dollars;
  • During the same period, the platform processed a total of 2 billion orders;
  • During the same period, the platform had a total of 55 million annual transaction users (ATU);
  • On September 30, 2021, there were a total of 2.5 million registered drivers/riders;
  • On September 30, 2021, there were more than 14 million registered merchants;
Expectations for the market in 2025:
  • On-demand O2O TAM will grow from $5.4 billion in 2020 to $18 billion in 2025;
  • E-commerce TAM will grow from $44.6 billion in 2020 to $137.5 billion in 2025;
  • The TAM of fintech services will grow from $17.8 billion in 2020 to $70.1 billion in 2025.
Public roadshow

This morning (March 15) GoTo held a due diligence public conference (Public Expose, Penawaran Saham Perdana) in Indonesia:

The event opened with the Indonesian national anthem:

The Chairman of the Supervisory Board, Garibaldi Thorir (brother of Erick Thorir, Minister of State-owned Enterprises) delivered a speech:

At the meeting, the main business leaders explained GoTo’s vision, business development and prospects for future development:

Pesta Raya

However, what was most attractive about this event was not the explanation of the bigwigs, but the style of the art gala:

Staying optimistic

As for the timing of the listing – it is certainly not good. Not just Chinese tech stocks, but Southeast Asian technology stocks, including Sea and Grab, have recently fallen out of shape.

Grab’s current market capitalization is only $11 billion. After deducting more than $6 billion in cash on its books, the enterprise value is actually less than $5 billion. At this time, GoTo is going public with a valuation of nearly $30 billion, which is a bit too aggressive even when the market sentiment is good.

However, GoTo is the most important internet company in Indonesia. If institutional investors get cold feet, it should still have the support of retail investors, state-owned enterprises and other stakeholders.

Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].


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Jianggan Li is the Founder & CEO of Momentum Works. Prior to founding Momentum Works, he co-founded Easy Taxi in Asia, and served as Managing Director of Foodpanda. The two years running Rocket Internet companies has given him a lifetime experience on supersonic implementation, and good camaraderie with entrepreneurs across the developing world. He holds a MBA from INSEAD (GMAT 770) and a degree in Computer Engineering from Nanyang Technological University. Unfortunately he never wrote a single line of code professionally - but in his first job he was in media, travelling extensively across Asia & Europe, speaking with Ministers & (occasionally) Prime Ministers. Apart from English and his native Mandarin, he is also fluent in French and conversational in Cantonese & Spanish. He tried to learn Latin (for three years) and Sanskrit (for six months) as well. In his (scarce) free time, he reads, travels, hikes and dives. Pyongyang, Tehran & Chisinau are among the interesting cities he has been to.