Indonesia, the land of the unicorns

On April 11, 2022, Indonesia’s PT GoTo Gojek Tokopedia Tbk (GoTo) was officially listed on the Indonesian Stock Exchange and raised around US$1.1 billion, making it the third-largest initial public offering (IPO) in Asia and the fifth largest in the world so far this year.

By the day’s end, GoTo’s market capitalization was US$32 billion and saw some 300,000 investors participate in the IPO, a record high for the domestic bourse.

Further, GoTo became Indonesia’s fourth-largest company, behind two banks and a state-owned telecommunication firm. The company has plans for an international IPO although the exact timeline has not been made clear yet.

Gojek and e-commerce leader Tokopedia

GoTo or GoTo Group was born from a merger of two of Indonesia’s biggest internet companies — ride-hailing and payments giant Gojek and e-commerce leader Tokopedia.

The company offers ride-hailing…