Gojek-Tokopedia IPO Plan Stumbles Upon Financial Performance

Gojek and Tokopedia will publicly announce the merger plan shortly. As planned, GoTo, the new joint entity from the merger, will conduct an initial public offering (IPO), both on the Indonesia Stock Exchange (IDX) and abroad.

A source familiar with this matter told D-Insights that the GoTo IPO process faces a stumbling block by the IDX's provisions which stated that the companies that are still losing money would be listed on the development or acceleration board. There are three classifications of IPO placements: primary board, development board, and acceleration board. "Gojek and Tokopedia are lobbying the market authority to be listed on the primary board," said the source.