Go-Jek mulls Jakarta IPO but no time frame fixed yet

FILE PHOTO - A driver and passenger ride on a motorbike, part of the Go-Jek ride-hailing service, on a busy street in central Jakarta, Indonesia December 18, 2015. REUTERS/Darren Whiteside/File Photo

Indonesian start up Go-Jek is considering an initial public offering in Indonesia, president Andre Soelistyo told reporters on Monday, but the timing hasn’t been decided yet.

Soelistyo met with Indonesia Stock Exchange chief executive on Monday to discuss the potential share sale, including a regulatory requirement to be profitable within two years of listing.

“We discussed what technology companies need (to do an IPO) and how (the exchange) can provide access,” he said.

Soelistyo also raised the possibility of a dual-listing after Indonesia, but said a decision on where hasn’t been made.

Go-Jek is yet to appoint an underwriter for the plan, Soelistyo said, in a sign that details around IPO size, company valuation and how much of the company will be listed are some way off.

Go-Jek delivers everything from meals and groceries to cleaners, masseuses and hairdressers across Indonesia’s capital city Jakarta, all at the touch of a smartphone app – helping it become a crucial workaround in a city with some of the worst traffic in the world.

Bankers have listed Go-Jek’s potential IPO as a key float to track in Asia’s ride-hailing and mobile payments market, which has caught the attention of global investors.

Go-Jek raised a higher than targeted $1.5 billion in a fundraising round from several investors including Google, Temasek Holdings and Chinese technology giants Tencent Holdings and JD.com Inc, sources said last month.

The latest round of investments valued Go-Jek at about $5 billion, the sources said.

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