Jakarta, CNBC Indonesia – The Indonesia Stock Exchange (IDX) continues to look forward to the arrival of a number of technology companies unicorn (valuation above Rp 14 trillion, or US$ 1 billion) to take the floor in the domestic capital market through an initial public offering (IPO) scheme.
One of the things that market players are waiting for is the plan for the initial public offering of GoTo shares, the entity resulting from the merger of Gojek and Tokopedia.
Meanwhile, PT Bukalapak.com Tbk has previously submitted an IPO with a target fund of Rp 22 trillion and a listing target on August 6.
IDX Commissioner, Pandu Patria Sjahrir revealed, currently there are four companies unicorn in the technology sector that has the potential to list its shares on the IDX.
These companies include GoTo, PT Global JET Express (J&T Express), and PT Tinusa Travelindo (Traveloka) and Bukalapak. For Bukalapak, they have even received a trading code, namely OPEN.
Pandu said the market capitalization (market cap) value of GoTo’s market was estimated at US$ 18 billion or equivalent to Rp. 261 trillion (exchange rate of Rp. 14,500/US$), J&T Express at US$ 7.8 billion or Rp. 113 trillion, Bukalapak at US$. 6.05 billion or Rp 88 trillion and Traveloka US$ 2.75 billion or Rp 40 trillion.
If Bukalapak, Traveloka and J&T Express are combined (US$ 16.6 billion), GoTo’s market cap is even bigger, it is even believed that the value will be much higher this year considering its increasingly vibrant adoption in the midst of the Covid-19 pandemic.
If GoTo’s IPO is realized, its market capitalization value will be the sixth largest on the IDX after PT Bank Central Asia Tbk (BBCA), PT Bank Rakyat Indonesia Tbk (BBRI), PT Telkom Indonesia Tbk (TLKM), PT Bank Mandiri Tbk (BMRI), and PT Astra International Tbk (ASII).
IDX data noted that as of the close of trading session I, Thursday (15/7), BCA’s market capitalization was Rp 751 trillion, BBRI Rp 470 trillion, TLKM Rp 309 trillion, BMRI Rp 272 trillion, and ASII Rp 193 trillion.
Pandu’s statement still uses Astra’s old valuation, so with reference to today’s prices, it is very likely that if GoTo entered the IDX, it could overtake Astra’s market cap mentioned by Pandu in the five.
Meanwhile, if the four companies unicorn If it enters the stock exchange, it has the potential to increase the weight of the MSCI Index, which is currently controlled by 22 companies with a market capitalization value of US$ 95.30 billion, increasing to 26 companies with a market capitalization value of US$ 103.32 billion.
In the midst of the trend of IPO companies in the technology sector, said Pandu, Indonesia also accounts for around 38 percent of unicorn companies in ASEAN.
“Half of the unicorns from ASEAN come from Indonesia. Apart from the large population, government policies also encourage innovation,” said Pandu Sjahrir, at the Meet The Expert: Energizing Market through Company Public Offering event held by Mandiri Sekuritas, Wednesday (14/7). /2021).
To note, GoTo is indeed rumored to be conducting an initial public offering of shares.
Gojek’s valuation after the merger with Tokopedia will result in a market capitalization value of US$ 35 billion to US$ 40 billion or in the range of Rp 490 trillion – Rp 560 trillion at an exchange rate of Rp 14,000 per US$.
If the target of the funds raised in the IPO is only 10% of the valuation of the two, the value will reach Rp 49 trillion to Rp 56 trillion.
Previously, the CEO of Tokopedia, William Tanuwidjaja, said that basically being a public company is the goal for the company to grow.
Thus, the public such as driver partners, MSME players, as well as the use of services, both Gojek and Tokopedia, can become shareholders in the future.
William said, currently Tokopedia has more than 10 million MSME partners. Meanwhile, Gojek has more than 2 million driver partners. With the merging of these two entities, no less than 100 million Indonesians access GoTo services through the Gojek and Tokopedia applications.
“When it becomes a public company, who owns the company? The community. Our biggest dream is how driver partners, MSMEs, loyal Gojek users, Tokopedia can become shareholders and become company owners,” said William.
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