Go-Jek eyes listing on Indonesia's exchange

JAKARTA • Indonesian start-up Go-Jek is considering an initial public offering (IPO) in Indonesia, its president Andre Soelistyo told reporters yesterday, but details on timing and float size have not been decided yet.

Mr Soelistyo met the Indonesia Stock Exchange chief executive yesterday 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.

Mr Soelistyo also raised the possibility of a dual listing after Indonesia, but said a decision on where has not been made.

Go-Jek has yet to appoint an underwriter for the plan, he said, in a sign that details on 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 and hairdressers across Jakarta, all at the touch of a smartphone app - making it 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 US$1.5 billion (S$2 billion) in a fund-raising round from several investors, including Google, Temasek Holdings and Chinese technology giants Tencent Holdings and JD.com Inc, sources said last month.


A version of this article appeared in the print edition of The Straits Times on March 06, 2018, with the headline 'Go-Jek eyes listing on Indonesia's exchange'. Print Edition | Subscribe