Go-Jek is Open for Listing Possibility in Indonesia Stock Exchange
Likely set for dual listing, yet to set a specific timeframe
Amir Karimuddin - 7 March 2018
While Go-Jek is yet to set specific timeframe for a possible IPO, the idea of “going public” has already created buzz in the industry. Listed only on foreign exchange, like NYSE or Nasdaq, will complicate things with local investors. It’s no surprise that Indonesia Stock Exchange (IDX) started to approach Go-Jek to consider listing in local stock exchange.
According to Bloomberg, Go-Jek’s management (led by President Andre Soelistyo) has discussed this issue with IDX management. Soelistyo said, they are considering an IPO seriously, even there is no particular timeframe yet.
Andre said, listing in IDX will facilitate Go-Jek’s stock purchase by common people, including driver-partner. Go-Jek may opt for dual listing to accommodate investors, both local and foreign.
A few of Indonesian-based companies do dual listing. One is Telkom. Its stock is available in both IDX and NYSE since 1995.
Go-Jek is also reportedly to be in the final phase of fundraising worth $1.5 billion (around Rp20 trillion) after a number of new investors. The world’s largest investment firm, BlackRock, is the latest to invest at on-demand startup co-founded by Nadiem Makarim, Kevin Aluwi, and Michaelangelo Moran. Go-Jek’s valuation post money is estimated around $5 billion (or Rp68 trillion), That number is exceeding the total market cap of all transportation companies in IDX.
This year, Go-Jek prepares for a regional expansion to some neighboring countries to compete with Grab and Uber.
Original article is in Indonesian, translated by Kristin Siagian