Go-Jek Not Ready Yet for IPO on the Indonesia Stock Exchange
Startup unicorn Go-Jek, the most popular ride-hailing app in Indonesia, is not ready for an initial public offering (IPO) on the Indonesia Stock Exchange yet although its management repeatedly emphasized that it is likely to become a publicly-listed company in Indonesia somewhere in the future as it wants the Indonesian public to be able to own shares in the company.
Andre Soelistyo, President of Aplikasi Karya Anak Bangsa (Go-Jek), said Go-Jek has already discussed a possible listing on the Indonesia Stock Exchange (IDX) with IDX executives. However, Go-Jek still needs plenty of time to prepare for such a corporate move as it is a relatively new company and therefore needs to adapt its corporate and financial management, including financial reporting compliance. Moreover, the IDX has a regulatory requirement for listed companies to become profitable within two years of listing.
Soelistyo added that Go-Jek's business model has to be fully mature in order to attract investors once it decides to become a public company in Indonesia.
Due to its promising perspectives, Go-Jek has been able to attract capital injections from various big institutional investors, including Google, Astra International, Tencent Holdings, and Temasek Holdings (see table below). Asia's ride-hailing and mobile payments market clearly caught the attention of global investors.
Go-Jek is now valued at USD $5 billion. The company plans to expand beyond the Indonesian borders by entering the Philippines in early 2018, followed by an entry into other markets in Southeast Asia.
Besides Go-Jek, the other Indonesian startup unicorns are e-commerce platforms Tokopedia and Bukalapak as well as online airline ticketing and hotel booking services company Traveloka.
Capital Injections in Go-Jek:
| Investor | Capital Injection |
| • Google • Astra International • Temasek Holdings • Tencent Holding • JD.com • Meituan-Dianping • GDP Ventures (Djarum Group |
USD $1.2 billion |
| • Northstart Group • Formation Group • Rakuten • Farallon Capital Management • Capital Group • Warburg Pincus • KKR & Co • NSI Ventures |
USD $550 million |
| • NSI Ventures • DST Global • Sequoia Capital |
N.A. |