Both companies enjoy huge popularity across Indonesia as they offer efficient and affordable solutions to the consumer: Gojek in particular offers solutions related to transportation and logistics (most notably ride-hailing and food-delivery services), while Tokopedia is a popular e-commerce platform that allows consumers to search, compare, and buy products while sitting on a couch at home.

By joining forces – via a merger in May 2021 that gave birth to the holding company called ‘GoTo Gojek Tokopedia’ – both companies even became more efficient as they complement each other. Tokopedia’s ‘weakness’ used to be that it took quite some time and money to deliver online purchases to the consumer. Although long distance transportation remains costly and time-consuming, consumers must have noticed that – since the merger – delivery fees have fallen when buying an item on Tokopedia (via the Tokopedia app) using instant deliveries. Based on our experience, delivery fees have fallen from around IDR 20,000 (approx. USD $1.50) for relatively light and small packages over relatively short distances to IDR 5,000 (approx. USD $0.35). We assume that this is the positive effect of having created a more efficient eco-system through the merger.

Meanwhile, for Gojek, the advantage of the merger is that it can surely enjoy higher demand for its transportation services. In Q3-2021, Tokopedia handled a total of 176.5 million transactions. Part of these transactions can be delivered by Gojek.

In our two stories about the GoTo merger we had already mentioned the ambition of the new entity to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX). Considering GoTo started the book building process on 15 March 2022, which is the process by which underwriters attempt to determine the prices at which the IPO will be offered, it is time to devote an update on this topic.

After all, we are not talking about a small company. On the contrary, GoTo is bound to rank among the top companies listed on the IDX in terms of market capitalization after it makes its trading debut in Indonesia (scheduled for 7 April 2022). As GoTo plans to release 52 billion shares (which is equivalent to 4.35 percent of its enlarged capital) to the public in the price range of IDR 316–346 per piece, the company could raise up to IDR 17.99 trillion (approx. USD $1.26 billion) through the move.


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