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wrote a column · Apr 15, 2022 17:14 ·

Unicorn Encyclopedia | With the blessings of Alibaba and Softbank, the largest unicorn GoTo in Southeast Asia soared by 23% after its listing.

>>Global Star Unicorn Encyclopedia<< Recently, the largest tech unicorn GoTo in Southeast Asia officially launched its IPO on the Indonesian Stock Exchange. The company plans to list in April, aiming to raise 18 trillion Indonesian rupiah (approximately $1.26 billion) for operational funds to facilitate customer acquisition and other growth plans. According to the prospectus data, the company will seek to sell no more than 52 billion shares of stocks at a price of 316 to 346 Indonesian rupiahs per share, with a preliminary estimate of a market cap of 26 billion to 29 billion. Recently, due to expectations of a Fed rate hike and the Russia-Ukraine war causing global market volatility, investor interest in technology stocks has waned, putting pressure on the stock prices of technology companies. Competitors of GoTo have recently shown very poor stock performance: the so-called 'Southeast Asian Tencent' $Sea (SE.US)$ has been plummeting since the end of last year, while the stock price of the Southeast Asian online car-hailing giant $Grab Holdings (GRAB.US)$ has also tumbled since its U.S. listing last year. Against this backdrop, GoTo is still taking the risk of global stock market volatility and launched the IPO process last week, surprising some investors and analysts. In the listing announcement, GoTo's CEO Andre Soelistyo stated,GoTo's ability to enter the public market in the current global market and macroeconomic volatility demonstrates its long-term business potential. On April 11th, ...
>>Global Star Unicorn Encyclopedia<<
Recently, GoTo, the largest technology unicorn in Southeast Asia, officially conducted an IPO on the Indonesia Stock Exchange. The company plans to go public in April, aiming to raise 18 trillion Indonesian rupiah (approximately 1.26 billion US dollars) for operational funds to facilitate customer acquisition and other growth plans.
According to the prospectus data, the company intends to sell up to 52 billion shares of stocks at a price ranging from 316 to 346 Indonesian rupiah per share, with an initial estimated market cap of 26 billion to 29 billion.
>>Global Star Unicorn Encyclopedia<< Recently, the largest tech unicorn GoTo in Southeast Asia officially launched its IPO on the Indonesian Stock Exchange. The company plans to list in April, aiming to raise 18 trillion Indonesian rupiah (approximately $1.26 billion) for operational funds to facilitate customer acquisition and other growth plans. According to the prospectus data, the company will seek to sell no more than 52 billion shares of stocks at a price of 316 to 346 Indonesian rupiahs per share, with a preliminary estimate of a market cap of 26 billion to 29 billion. Recently, due to expectations of a Fed rate hike and the Russia-Ukraine war causing global market volatility, investor interest in technology stocks has waned, putting pressure on the stock prices of technology companies. Competitors of GoTo have recently shown very poor stock performance: the so-called 'Southeast Asian Tencent' $Sea (SE.US)$ has been plummeting since the end of last year, while the stock price of the Southeast Asian online car-hailing giant $Grab Holdings (GRAB.US)$ has also tumbled since its U.S. listing last year. Against this backdrop, GoTo is still taking the risk of global stock market volatility and launched the IPO process last week, surprising some investors and analysts. In the listing announcement, GoTo's CEO Andre Soelistyo stated,GoTo's ability to enter the public market in the current global market and macroeconomic volatility demonstrates its long-term business potential. On April 11th, ...
Recently, due to expectations of a Fed rate hike and the Russia-Ukraine conflict causing global market volatility, investors' interest in technology stocks has weakened, suppressing the prices of technology stocks.
Competitors of GoTo have recently performed poorly in the stock market: known as the 'Southeast Asian Tencent',$Sea (SE.US)$ has been plummeting since the end of last year, while the stock price of the Southeast Asian online car-hailing giant $Grab Holdings (GRAB.US)$ has also plummeted since it went public in the US last year.
Against this backdrop, GoTo is still taking the risk of global stock market turmoil and launched its IPO process last week, which surprised some investors and analysts.
In the IPO announcement, GoTo's CEO Andre Soelistyo stated that GoTo's ability to enter the public market amid the current global market and macroeconomic fluctuations proves the long-term potential of its business.
Andre Soelistyo (Image Source: GoTo Official Website)
On April 11th, GoTo was listed on the Indonesia Stock Exchange with an issue price of 338 Indonesian Rupiah per share, totaling 46.7 billion shares of Series A stock, with a market cap of approximately 28 billion US dollars.
After opening, GoTo's stock price surged by 23%, with a market cap breaking through 30 billion US dollars intraday.Compared to Grab, which dropped 20% shortly after going public, GoTo's performance is extremely impressive.
In today's economic situation, what makes GoTo stand out by daring to go against the trend? Encyclopedia of Unicorns, a shortcut to wealth; listen to me as I narrate the story and take you into the world of GoTo.
Founding Process
Nadiem Makarim, born in 1984, is the current Minister of Education, Culture, Research, and Technology of the Republic of Indonesia. He holds degrees from Brown University and Harvard Business School, and has worked at McKinsey.
Nadiem Makarim (Image source: Wikimidea Commons)
As a loyal user of motorcycle taxis, he noticed that most of the time, motorcycle taxi drivers were waiting for customers, while customers wasted time searching for available motorcycle taxis.
To address this issue, he co-founded with Michaelangelo Moran in 2010Gojek, "ojek" means "motorcycle taxi" in Indonesian. Gojek provides a platform similar to Didi, allowing drivers and passengers to efficiently connect.
>>Global Star Unicorn Encyclopedia<< Recently, the largest tech unicorn GoTo in Southeast Asia officially launched its IPO on the Indonesian Stock Exchange. The company plans to list in April, aiming to raise 18 trillion Indonesian rupiah (approximately $1.26 billion) for operational funds to facilitate customer acquisition and other growth plans. According to the prospectus data, the company will seek to sell no more than 52 billion shares of stocks at a price of 316 to 346 Indonesian rupiahs per share, with a preliminary estimate of a market cap of 26 billion to 29 billion. Recently, due to expectations of a Fed rate hike and the Russia-Ukraine war causing global market volatility, investor interest in technology stocks has waned, putting pressure on the stock prices of technology companies. Competitors of GoTo have recently shown very poor stock performance: the so-called 'Southeast Asian Tencent' $Sea (SE.US)$ has been plummeting since the end of last year, while the stock price of the Southeast Asian online car-hailing giant $Grab Holdings (GRAB.US)$ has also tumbled since its U.S. listing last year. Against this backdrop, GoTo is still taking the risk of global stock market volatility and launched the IPO process last week, surprising some investors and analysts. In the listing announcement, GoTo's CEO Andre Soelistyo stated,GoTo's ability to enter the public market in the current global market and macroeconomic volatility demonstrates its long-term business potential. On April 11th, ...
William Tanuwijaya was born in a small town in North Sumatra in 1981. Coming from humble beginnings, he managed to enter Nanusantara University and later studied at Harvard Kennedy School. To pay for his university fees, he worked part-time at an internet cafe for 12 hours a day until he graduated in 2003.
William Tanuwijaya (Image source: Wikimidea commons)
After graduating from university, he worked as a software and gaming developer. Growing up in remote areas, William Tanuwijaya understands the commercial differences between cities.
On February 6, 2009, he co-founded with his friend Leontinus Alpha EdisonTokopedia，试图解决差异化问题。这是一家免费连接印度尼西亚买家和卖家的电子商务公司，使命是通过技术使商业民主化。
>>Global Star Unicorn Encyclopedia<< Recently, the largest tech unicorn GoTo in Southeast Asia officially launched its IPO on the Indonesian Stock Exchange. The company plans to list in April, aiming to raise 18 trillion Indonesian rupiah (approximately $1.26 billion) for operational funds to facilitate customer acquisition and other growth plans. According to the prospectus data, the company will seek to sell no more than 52 billion shares of stocks at a price of 316 to 346 Indonesian rupiahs per share, with a preliminary estimate of a market cap of 26 billion to 29 billion. Recently, due to expectations of a Fed rate hike and the Russia-Ukraine war causing global market volatility, investor interest in technology stocks has waned, putting pressure on the stock prices of technology companies. Competitors of GoTo have recently shown very poor stock performance: the so-called 'Southeast Asian Tencent' $Sea (SE.US)$ has been plummeting since the end of last year, while the stock price of the Southeast Asian online car-hailing giant $Grab Holdings (GRAB.US)$ has also tumbled since its U.S. listing last year. Against this backdrop, GoTo is still taking the risk of global stock market volatility and launched the IPO process last week, surprising some investors and analysts. In the listing announcement, GoTo's CEO Andre Soelistyo stated,GoTo's ability to enter the public market in the current global market and macroeconomic volatility demonstrates its long-term business potential. On April 11th, ...
2021年5月17日，Gojek和Tokopedia宣布完成合并，公司名称为GoTo，这是印尼历史上最大的企业并购交易。
Company Operations
GoTo包括三个业务部门：Gojek、Tokopedia和GoTo Financial
Gojek原是类似$DiDi Global (Delisted) (DIDI.US)$的叫车平台，现已转型为综合应用程序，提供运输与物流、付款、美食与购物、商业、娱乐五大方面的二十多项服务。
Image Source: Official website of Gojek
Tokopedia is Indonesia's largest e-commerce platform, similar to Taobao and Tmall.
As of November 2019, Tokopedia has over 7 million merchants and offers more than 0.2 billion selected products, covering everything from food and beverages to beauty and fashion products.
Tokopedia also provides digital products such as credit card, BPJS payment, utility payment, phone credit, credit card, flight tickets, event tickets, game vouchers, and more.
Tokopedia's mascot is Toped.
GoTo Financial was established when the first two merged, covering services such as GoPay, GoSure, GoInvestasti, GoPayLater, Midtrans, and Moka.
After the merger of the two giants, GoTo became the first platform in Southeast Asia to integrate e-commerce, logistics, and financial services, connecting the three businesses in the same ecosystem. GoTo can be described as the Indonesian version of '$Amazon (AMZN.US)$ +$Uber Technologies (UBER.US)$ +Stripe」。
By 2020, the total number of trades between Gojek and Tokopedia exceeded 1.8 billion times, with a total transaction value of over 22 billion US dollars. The two companies collectively have 2 million driver partners and 11 million sellers, as well as over 0.1 billion monthly active users, contributing 2% to Indonesia's GDP.
GoTo's CEO, Andre Soelistyo, mentioned that as the market leader in the Indonesian region, GoTo's ecosystem can address two-thirds of local household consumption issues.
Company valuation
GoTo is highly regarded by many investors.According to the 2020 Tokopedia equity structure disclosed in the GoTo prospectus, holding the largest shares.$Alibaba (BABA.US)$Hold 28.25% equity in Taobao China, the second largest shareholder.$SoftBank Group (ADR) (SFTBY.US)$ Through its subsidiary SVF Investments (UK) Limited, holds 28.03% equity.
>>Global Star Unicorn Encyclopedia<< Recently, the largest tech unicorn GoTo in Southeast Asia officially launched its IPO on the Indonesian Stock Exchange. The company plans to list in April, aiming to raise 18 trillion Indonesian rupiah (approximately $1.26 billion) for operational funds to facilitate customer acquisition and other growth plans. According to the prospectus data, the company will seek to sell no more than 52 billion shares of stocks at a price of 316 to 346 Indonesian rupiahs per share, with a preliminary estimate of a market cap of 26 billion to 29 billion. Recently, due to expectations of a Fed rate hike and the Russia-Ukraine war causing global market volatility, investor interest in technology stocks has waned, putting pressure on the stock prices of technology companies. Competitors of GoTo have recently shown very poor stock performance: the so-called 'Southeast Asian Tencent' $Sea (SE.US)$ has been plummeting since the end of last year, while the stock price of the Southeast Asian online car-hailing giant $Grab Holdings (GRAB.US)$ has also tumbled since its U.S. listing last year. Against this backdrop, GoTo is still taking the risk of global stock market volatility and launched the IPO process last week, surprising some investors and analysts. In the listing announcement, GoTo's CEO Andre Soelistyo stated,GoTo's ability to enter the public market in the current global market and macroeconomic volatility demonstrates its long-term business potential. On April 11th, ...
Although Tanuwijaya, Soelistyo, and Aluwi of the GoTo group retain 26% voting rights after the share sale, their direct ownership of GoTo is very small.
Assuming oversubscription, Tanuwijaya holds 1.77% of the shares, Soelistyo holds 0.84% of the shares, and Aluwi holds 0.77% of the shares. Softbank and Alibaba hold 8.71% and 8.84% respectively.
In addition to Alibaba and Softbank, GoTo also has many well-known investors, such asGoogle, Sequoia Capital, Blackrock, Tencent, Temasek, Visa, PayPal, FacebookWait a moment.
Last May, GoTo merged at a valuation of $18 billion and this year's pre-IPO valuation is $28 billion.
After the IPO on April 11, the stock price soared, with a market cap exceeding $30 billion.
As of April 14, GoTo's stock price is 378 Indonesian rupiah, with a market cap of 31.2 billion US dollars.(447.69 trillion Indonesian rupiah)
Financial Situation
According to the IPO prospectus, GoTo incurred losses for three consecutive years from 2018 to 2020.
GoTo's net loss in the first 9 months of 2021 was approximately $0.853 billion, a 7% increase compared to the same period last year; revenue during the same period was about $0.689 billion, an increase of 59.1% year-on-year.
>>Global Star Unicorn Encyclopedia<< Recently, the largest tech unicorn GoTo in Southeast Asia officially launched its IPO on the Indonesian Stock Exchange. The company plans to list in April, aiming to raise 18 trillion Indonesian rupiah (approximately $1.26 billion) for operational funds to facilitate customer acquisition and other growth plans. According to the prospectus data, the company will seek to sell no more than 52 billion shares of stocks at a price of 316 to 346 Indonesian rupiahs per share, with a preliminary estimate of a market cap of 26 billion to 29 billion. Recently, due to expectations of a Fed rate hike and the Russia-Ukraine war causing global market volatility, investor interest in technology stocks has waned, putting pressure on the stock prices of technology companies. Competitors of GoTo have recently shown very poor stock performance: the so-called 'Southeast Asian Tencent' $Sea (SE.US)$ has been plummeting since the end of last year, while the stock price of the Southeast Asian online car-hailing giant $Grab Holdings (GRAB.US)$ has also tumbled since its U.S. listing last year. Against this backdrop, GoTo is still taking the risk of global stock market volatility and launched the IPO process last week, surprising some investors and analysts. In the listing announcement, GoTo's CEO Andre Soelistyo stated,GoTo's ability to enter the public market in the current global market and macroeconomic volatility demonstrates its long-term business potential. On April 11th, ...
GoTo's CEO Andre Soelistyo stated that Indonesia is one of the world's largest growth markets.GoTo has a clear path to profitability.However, he refuses to provide a forecast.
Indonesia is one of the largest and most exciting growth markets in the world. The company has a clear path to profitability.
Mooers, have you heard of GoTo? How do you view the competition between Grab and GoTo in the Southeast Asian market? Feel free to discuss below.
$Alphabet-A (GOOGL.US)$$TENCENT (00700.HK)$$Visa (V.US)$$PayPal (PYPL.US)$$Meta Platforms (FB.US)$
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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