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Indonesia's GoTo braves rocky market with $29bn valuation IPO plan

Merged superapp company's move comes as rival Southeast Asian tech stocks slump

GoTo's Indonesian IPO comes as tech stocks in Southeast Asia have taken a beating. (Source photo by Goto)

JAKARTA -- GoTo, Indonesia's largest private tech company, is looking to raise up to 17.9 trillion rupiah ($1.25 billion) in an initial public offering that will likely prove a test amid a battering Southeast Asian tech stocks have taken in recent weeks.

GoTo, formed as a result of a merger between Indonesian superapp provider Gojek and local e-commerce company Tokopedia, on Tuesday said in a prospectus it is offering shares at 316 rupiah to 346 rupiah. The scheduled listing on the Indonesia Stock Exchange is April 4.

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