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GoTo is hoping that by listing in Indonesia its shares can escape the undertow that has dragged away value from other newly listed super app providers. (Source photos by  GoTo Group and AFP/Jiji) 
Business Spotlight

Indonesia holds key to GoTo's 'aggressive' IPO valuation

Super apps burn through cash in fight for Southeast Asia's biggest digital market

SHOTARO TANI and KENTARO IWAMOTO, Nikkei staff writers | Indonesia

JAKARTA/SINGAPORE -- It might not look like an auspicious moment for Indonesian super app GoTo to announce an initial public offering; its Southeast Asian rivals Grab and Sea, after all, have lost two-thirds of their market value.

But by focusing heavily on its domestic market, the region's largest digital economy, GoTo hopes to attract new investors and realize what analysts are calling an "aggressive" valuation of close to $30 billion.

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