More than 20 corporate backers are due to score exits through an offering that could value the online consumer services portal at nearly $29bn.

GoTo, the Indonesia-based, corporate-backed amalgamation of ride hailing service Gojek and e-commerce marketplace Tokopedia, revealed today it aims to raise at least Rp 15.2 trillion ($1.06bn) in an initial public offering.

The company plans to float on the Indonesia Stock Exchange and has set a range of Rp 316 to Rp 346 each for 48 billion shares. The greenshoe option could net up to Rp 2.3 trillion more, and the IPO would value it at almost $29bn if it prices…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.