GoTo Plans Dual Listing to Expand Access to Global Investors
The largest technology company in Indonesia, PT GoTo Gojek Tokopedia Tbk (GOTO), plans to carry out dual listings on foreign stock exchanges within two years after the initial public offering on the Indonesia Stock Exchange (IDX). The company is reviewing a number of options for listing its shares, including on the New York Stock Exchange (NYSE), National Association of Securities Dealers Automated Quotations (NASDAQ), Hong Kong Stock Exchange (HKSE), Singapore Stock Exchange (SGX), and the London Stock Exchange ( LSE).
GoTo President Director and CEO Andre Soelistyo said the company is still reviewing the plan. "If dual listings are allowed, the consideration is on an exchange where (technology) companies such as GoTo are listing to expand our investor base," Andre said at a press conference, Tuesday. The dual listing plan also depends on market conditions and approval from the competent authority in the jurisdiction of the stock exchange where the issuer will be listed.
The prospectus stated that the plan to offer shares abroad would be carried out at the end of 2023. In offering shares abroad, this decacorn will issue 119.57 billion new shares or a maximum of 10 percent of the company's paid-up and issued capital. GoTo shareholders approved the plan to issue shares for this international offering on December 15, 2021. As a result, the company no longer needs approval for the international offering.