GoTo's offering price is valued significantly higher than its peers, UOB Kay Hian
#1

EVEN at the lowest end of the 316-346 rupiah (S$0.02-0.03) per share range, Indonesia's largest tech firm GoTo's offering price is valued significantly higher than its peers, according to UOB Kay Hian (UOBKH

https://www.businesstimes.com.sg/asean-b...-mid-range
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#2

Jakarta-based company, formed by the merger of Indonesia's two most valuable startups, priced the IPO at 338 rupiah (S$0.031) a share, according to people familiar with the matter, who asked not to be identified as the information is private. That's just above the middle of the 316 rupiah to 346 rupiah range announced earlier.

A GoTo representative declined to comment on the pricing pending due process. "What we can say is we've been humbled by the response from high quality institutional investors to date,"


GoTo's listing bucks a global trend of companies scrapping or delaying IPOs due to the ensuing market volatility in the wake of the Ukraine war. It is the second-largest deal announced this month, surpassed only by Dubai Electricity & Water Authority's US$2.2 billion offering.

Before GoTo's share sale, 10 companies raised about US$172 million through IPOs in Jakarta this year, according to data compiled by Bloomberg. That's a more than 30 per cent increase over the same period in 2021.

Even as most fund managers expect a downcast market this year, GoTo has a few factors in its favour. The Indonesian stock benchmark is booming, hovering near an all-time high as economic growth picks up steadily after the pandemic.
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#3

EVEN at the lowest end of the 316-346 rupiah per share range, Indonesia's largest tech firm GoTo's offering price is valued significantly higher than its peers, according to UOB Kay Hian (UOBKH).

In a report on Friday (Mar 25), analyst Stevanus Juanda estimates that GoTo's valuation at the offering price of 316 rupiah comes in at 9.8 times FY2023 price-to-sales estimates.

This is compared to GoTo's peers Bukalapak and Sea at 7.5 times and 3.8 times, respectively, among other regional and global digital companies.


https://www.businesstimes.com.sg/asean-b...erce-uobkh
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