Caixin
Apr 07, 2022 01:54 PM
BUSINESS

Alibaba, SoftBank Score 2022’s First IPO Windfall With GoTo

Gojek drivers pick up a PT Tokopedia order at a Titipaja fulfillment center in Jakarta on May 24. Photo: Bloomberg
Gojek drivers pick up a PT Tokopedia order at a Titipaja fulfillment center in Jakarta on May 24. Photo: Bloomberg

(Bloomberg) — GoTo Group, whose business spans ride-hailing, e-commerce and fintech, became one of the world’s biggest listings this year, giving a much needed boost to early backers including China’s Alibaba Group Holding Ltd. and SoftBank Group Corp.’s Vision Fund.

The Jakarta-based company raised $1.1 billion last week, meaning the value of the two investors’ stakes will be almost $5 billion combined following the share sale. That marks their first big windfall from an initial public offering this year after their stocks were both battered in past months.

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