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Nadiem Makarim Stepped Down, New Gojek’s CEO Ready for an IPO

Nadiem Makarim Gojek CEO IPO Kevin Aluwi Andre Soelistyo

Gojek co-CEO duo, Kevin Aluwi, and Andre Soelistyo plan to bring this online transportation startup company to the stock exchange market or have an IPO (Initial Public Offering). Kevin and Andre took over the leadership of Gojek after Nadiem Makarim stepped down to become a Minister of Education.

“We are preparing for an IPO, even though the time is not available, but this preparation is important,” Andre said in Jakarta recently. Preparations made by Gojek, according to Andre, will begin with the process of reform, one of which is a report to shareholders.

This was done so that if at any time Gojek was ready for an IPO, it would no longer be hampered by the affairs of the process. “So, we are all ready and prepared. Hopefully, if it’s time for our IPO, we will get there quickly,” Andre said.

The preparation, according to Andre, has been done by Gojek since last year. Even so, Andre said Gojek did not want to rush to the IPO and preferred to wait for the right time. This startup is supposed to take a dual listing for its IPO.

Gojek Is Supposed to Do a Dual Listing for an IPO

Meanwhile, Kevin ensured that Gojek would hold an IPO in Indonesia even though the technology company had expanded to several countries in Southeast Asia including Singapore, Thailand, and Vietnam. “Certainly the primary is in Indonesia,” Kevin said. Then, there is a chance for a dual listing as well.

Gojek’s fundraising process has attracted the attention of top global companies such as Google, Sequoia, Tencent, Mitsubishi, and Temasek. Astra International is one of the local investors that are interested in Gojek’s fundraising process. In the latest F Series funding, Gojek has managed to raise more than USD 2 billion.

However, the plan to IPO will not be done soon. This is because there are three considerations in deciding the listing time of Gojek shares. First, the company will look at the economic and stock market conditions. They will consider whether or not the conditions are conducive to an IPO.

Second, they will continue to encourage good corporate governance (GCG) and transparency in the body of the company since this is the duty of a public company. Kevin added that Gojek was helped by the presence of PT Adaro Energy’s CEO, Garibaldi Thohir (Boy Thohir) as Gojek’s current Commissioner.

Besides, one of Gojek’s investors, PT Astra Internasional Tbk, is a leading public company on the IDX. Lastly, Gojek will continue to improve its performance first so that it can grow sustainably. One of the efforts is a marketing strategy. They will be more selective in targeting certain segments.

The Benefit of Gojek and Other Startups to Do Dual Listing IPO

Meanwhile, Managing Director of PT Indonesia Stock Exchange (IDX), Inarno Djajadi, gave an option for Gojek and other startups to do dual listings as well. Thus, they can take an IPO in two countries, both in Indonesia and also abroad. This scheme is expected to be beneficial for startups.

Bhima Yudhistira, an economist at the Institute for Development of Economics and Finance (INDEF), said that there are a number of benefits to the Indonesian startups if they take a floor on the foreign stock market. With an IPO abroad, the market capitalization potential will be far greater.

“The stock market capitalization is greater. It means the opportunity to get funding is far greater than Indonesia,” he said. Not only that, they will indirectly raise the image or prestige of Indonesia worldwide. “There are investors from many countries, so startups can become an international brand,” he said.