Indonesia’s stock exchange to launch technology platform, eyes Go-Jek IPO

The Stock Exchange of Indonesia | Photo: Bloomberg

Indonesia’s stock exchange plans to launch a dedicated technology section in 2019 to host initial public offerings (IPO) by startups, in the hope of landing a Go-Jek listing.

The Indonesian bourse (IDX) said on Thursday it was working with financial regulator Otoritas Jasa Keuangan (OJK) to amend IPO rules, which currently require companies to be profitable within two years of listing.

“With this new technology board (and change in regulations), startups, including Go-Jek, will be able to list at IDX because they will have up to 6 years after listing to become profitable,” IDX director Nyoman Yetna Setia told reporters.

The chairman of Indonesia’ Creative Economy Agency (BEKRAF), Triawan Munaf, said he hoped the move would allow start-ups to access funds from local investors through share sales.

Go-Jek, Indonesia’s first billion-dollar startup, said in May it was considering an initial public offering in Indonesia, but that details on timing and float size had not been decided.

The firm has evolved from a ride-hailing service to a one-stop app allowing clients in Southeast Asia’s largest economy to make online payments and order everything from food to massages.

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.

Indonesian authorities are hoping to make the country a hotspot of regional innovation and have launched a plan to create 1,000 tech startups with a value of $10 billion by 2020.

Go-Jek did not immediately respond to requests for comment.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.