GoTo Group expects to raise $1 billion through a debut on the public markets via the Indonesian stock exchange.
The company, which was formed by the merger of Gojek and Tokopedia last year, offers on-demand mobility and e-commerce services.
The group has also announced $1.3 billion in pre-IPO funding from a group of investors including Abu Dhabi Investments, Google, Temasek and Tencent.
The investment will be put towards developing GoTo's ecosystem including expanding its payment and financial services.
GoTo reported gross revenue of $1 billion for the 12 months ended September 30, 2021 and gross transaction value of $29 billion.
The company says the total addressable market for on-demand services is expected to grow from $4.5 billion in 2020 to $138 billion in 2025.
Andre Soelistyo, CEO of GoTo Group, says, “This is a landmark moment in the history of our company as we set out on the final stretch towards becoming a publicly owned company on the Indonesia Stock Exchange. Indonesia is one of the largest and most exciting growth markets in the world, as reflected in the resilience our capital market has shown this year, against a backdrop of global market volatility.
"We hope that our IPO will show the world the tremendous opportunity that exists in our country and throughout the Southeast Asia region.”
The company plans to use the proceeds of the IPO, which is expected to take place at the end of this month, to support its growth strategy.