Super-app GoTo drives towards a steady debut

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A Gojek driver rides his motorcycle through a business district street in Jakarta, June 9, 2015. REUTERS/Beawiharta

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MUMBAI, Oct 21 (Reuters Breakingviews) - GoTo’s $400 million fundraising from the Abu Dhabi Investment Authority values the ride-hailing-to-fintech group at some $28.5 billion, according to a person familiar with the situation. It provides read more a timely valuation boost to the Indonesian super-app ahead of a much-anticipated listing in Jakarta early next year, followed by New York.

The latest price tag is a big jump from the $18 billion headline number set one year or more ago from individual fundraising by Gojek and Tokopedia. Those respective valuations underpinned the subsequent merger of the pair announced in May. Assuming a 15% discount typical of a pre-IPO capital call, GoTo might be worth $32 billion.

Benchmarks are all over the place, however. Top rival, Singapore-based Grab, has delayed its New York debut following its $40 billion deal struck in May with a special-purpose acquisition vehicle. And Indonesia-focused e-commerce group Bukalapak (BUKA.JK), which went public read more in August, is trading well below its initial public offering price. With much uncertainty, setting big milestones with a serious sovereign investor looks wise. (By Una Galani)

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Editing by Robyn Mak and Katrina Hamlin

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