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Indonesia’s ride-hailing and payments giant Gojek agreed to combine with e-commerce pioneer PT Tokopedia to create the largest internet company in the world’s fourth most-populous nation.
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By Joanne Chiu The logistics arm of JD.com Inc. is looking to raise as much as $3.4 billion through an initial public offering, in the latest Hong Kong listing linked to China s booming e-commerce market. The IPO could value JD Logistics Inc. at up to $34 billion, filings showed on Monday. It follows share sales in the city by JD.com and another of its subsidiaries last year, which in total raised nearly $8.5 billion, according to Dealogic. JD.com relies on the unit to store and deliver groceries, clothes, home appliances and electronic gadgets across China. Over the years the parent company has used speedy delivery via JD Logistics as a way to gain an edge in its battle for market share with Alibaba Group Holding Ltd.
Tokopedia-Gojek Merger to Create Southeast Asia Internet Giant
A Gojek rider on the street in Jakarta, Indonesia. Photo: VCG
Indonesia’s Tokopedia and Gojek, whose backers include Chinese e-commerce giants Alibaba and JD.com, said Monday they will merge, creating one of Southeast Asia’s top internet firms providing everything from digital payments to e-commerce and ride hailing services.
The merged company, GoTo Group, will become Indonesia s largest e-commerce and online car-hailing platform, with a market value of $18 billion, based on the two companies’ latest valuations.
Gojek, whose investors include JD.com Inc. and was valued at $10.5 billion in January, offers a wide range of services from ride-hailing to food delivery, digital payments, banking and entertainment. Alibaba Group Holding Ltd.-backed Tokopedia, which was valued at about $7.5 billion, is Indonesia’s largest online e-commerce site. Both firms count Softbank Group Corp., Google LLC, Temasek Holdings Pte.
JD com (NASDAQ:JD), Alibaba (NYSE:BABA) - JD com s Logistics Arm Aims To Raise $3 4B From Hong Kong IPO benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.