November 11, 2025 | 03:15 pm
TEMPO.CO, Jakarta - Three years after GoTo Gojek Tokopedia (GOTO) went public on the Indonesia Stock Exchange (IDX) in April 2022, nearly all of its Initial Public Offering (IPO) proceeds have been used. By the first half of 2025, the company had spent Rp12.7 trillion (around US$894 million) out of the Rp13.72 trillion (US$966 million) it raised during the IPO.
GoTo's Chief Financial Officer, Simon Tak Leung Ho, said most of the funds were allocated to strengthen working capital and expand the company's digital ecosystem. "The company has realized the use of IPO proceeds in line with the commitments stated in the IPO prospectus," Simon said in a disclosure on July 14, 2025.
GoTo allocated Rp4.07 trillion (US$286 million) for corporate working capital, the same amount for capital injection into Tokopedia, and Rp3.39 trillion (US$238 million) into Dompet Anak Bangsa, or GoPay. The company also invested Rp678.7 billion (US$47.8 million) in Multifinance Anak Bangsa, Rp274.8 billion (US$19.3 miliion) in Velox Digital Singapore Pte. Ltd., and Rp273.9 billion (US$19.28 million) in Go Viet Technology Trading Joint Stock.
In addition to IPO proceeds, GoTo received a strategic capital injection from Telekomunikasi Selular, or Telkomsel, a subsidiary of Telkom Indonesia. The investment began when Telkomsel injected US$150 million (about Rp 2.1 trillion) into Aplikasi Karya Anak Bangsa (AKAB), or Gojek, in the form of zero coupon convertible bonds on November 16, 2020. Under the agreement, Telkomsel held an option to increase its stake in Gojek by another US$300 million (around Rp4.3 trillion).
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