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Mobility

GoTo Greenlights Gargantuan Share Issuance

Nicole Kristine Jovero
Last updated: May 9, 2024 2:02 am
Nicole Kristine Jovero
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1 Min Read
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  • GoTo plans massive 120B share issuance, bolstering capital across businesses.
  • Separate $200M buyback program also in the works after EBITDA surged.
  • Tech giant shores up finances through equity moves, eyes profitability.

Contents
Share-ity begins at homeBuy one, get one free (shares)

Share-ity begins at home

Indonesian tech giant GoTo unveils plans to issue a mammoth 120.14 billion Series A shares – a whopping 10% of its total issued and paid-up capital. This private placement aims to bolster working capital, tackle debt.

35% of proceeds head straight to GoTo’s coffers. Fintech arm GoPay secures 20%, while 25% lands at Multifinance Anak Bangsa.

GoTo Solusi Niaga (formerly Multi Adiprakarsa Manunggal) and the groceries biz split the remaining 20%.

Buy one, get one free (shares)

Separately, GoTo eyes a $200 million share buyback – its inaugural repurchase post the TikTok Shop ecommerce deal.

Not exceeding 10% of outstanding shares, including treasury stock.

The share maneuvers follow an 89% yearly adjusted EBITDA surge in Q1 2024. GoTo remains confident of sustaining adjusted EBITDA profitability throughout 2024.

To read the original article: https://www.techinasia.com/goto-seeks-private-placement-10-capital

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