Startup Megamerger: Goto Domination Test

The mega-merger between PT Application Karya Anak Bangsa or Gojek and PT Tokopedia,

nicknamed GoTo, will pave the way for the ambitions of the two companies to be listed on the stock exchange, as well as confirm their dominance in the country's digital ecosystem. The biggest challenge is not because of financial matters, but precisely when this initial stock has the potential to become a bone of contention for many parties. Head of Regulation and Government of the Indonesian Digital Empowering Community (IDIEC) Ardian Asmar assessed that financially, GoTo's initial public offering (IPO) did not have significant obstacles. The investors behind the two companies have jumbo capital. He even suspected that when the IPO was carried out there would be an oversubscription or oversubscription. However, according to him, this is precisely what small-scale investors need to be wary of. “My guess is that those who bought it were the same. Be careful for small and medium class investors whose analysis is not strong," said Ardian. In addition, GoTo still needs to prove to the public that the company really has a good performance. The reason is that both Gojek and Tokopedia are known as companies that fight in the area that prioritizes the action of 'burning money'. The significant growth in the number of users as a result of excessive promotion is still a burden for the company. "Not to mention talking from the marketing side which is too big. The first Gojek user immediately gets IDR 50,000, who pays?" said Ardian. As reported by Bloomberg, if the process goes smoothly, GoTo's valuation is estimated to be around US$40 billion from the current US$17 billion. Gojek holds 58% of the shares and the other 42% is owned by Tokopedia. Regarding the IPO plan, Gojek's Chief of Corporate Affairs Nila Marita said his party was still waiting for the right moment. What is clear, he admits that the merger accelerates the IPO plan.

|•SOURCE•| Articles :BANKING | Image :SINDO |

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