Shares of Indonesia's biggest technology company GoTo, which is backed by Abu Dhabi Investment Authority, surged 23 per cent on the first day of trading after the company raised $1.1 billion in an initial public offering on the Indonesia Stock Exchange on Monday, making it the third-largest listing in Asia and the fifth largest in the world so far this year.
The company's shares on listing rose to 416 rupiah ($0.029) compared with the 338 rupiah IPO price, and closed the day up 13 per cent at 382 rupiah.
GoTo offered 46.7 billion Series A shares, comprising newly-issued and treasury shares for the purpose of over-allotment. It raised $954.7 million in proceeds and $146.3m from treasury shares, giving the company a market capitalisation of approximately $28bn, GoTo said in a statement.
Around 300,000 investors participated in the IPO, with the company allocating more than $20m in shares to its driver-partners as part of its Gotong Royong Share Programmes. All full-time employees have also been made participants in the IPO under its long-term incentive plan.
"Despite global market volatility, investor interest has been strong, reflecting the rapidly growing demand in Southeast Asia for our on-demand, e-commerce and financial technology services, as well as confidence in GoTo's position as the largest digital ecosystem in Indonesia," group chief executive Andre Soelistyo said.
"We can help to support Indonesia’s digital transformation by leveraging technology for the benefit of all.”
Indonesia, Southeast Asia’s largest economy, has a young and tech-savvy population with increasing spending power driving the growth of the region’s digital economy.
GoTo was formed in May 2021 through the merger of the country’s largest start-ups, ride-hailing and food delivery firm Gojek and e-commerce leader Tokopedia, in an $18bn deal. The company has grown quickly amid the rapid expansion of Indonesia’s digital economy, which is expected to reach $124bn in size by 2025 from $44bn in 2020, according to a study by Bain, Google and Temasek.
We can help to support Indonesia’s digital transformation by leveraging technology for the benefit of all
Andre Soelistyo,
GoTo's group chief executive
Adia, which operates on behalf of the Abu Dhabi government, invested $400m in GoTo to lead a pre-IPO fund-raising round, the sovereign wealth fund said in October last year.
GoTo plans to use the proceeds from the IPO to support its growth strategy, which includes driving customer acquisition and engagement, enhancing hyperlocal experiences and infrastructure, strengthening ecosystem synergies, and investing in high growth areas, including expansion in Indonesia, Singapore and Vietnam, and the transition towards electric vehicles, it said in the statement.
The company's gross revenue reached $1bn in the 12-month period ended September 30, 2021, with orders of approximately 2 billion and gross transaction values of $28.8bn.
It had more than 55 million annual transacting users, 2.5 million registered driver partners and 14 million registered merchants as of September, it said.
After the Jakarta listing, the company is mulling a subsequent IPO in the US, Mr Soelistyo told The National in November.
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
More coverage from the Future Forum
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Results
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
Winner: Ziyadd, Richard Mullen (jockey), Jean de Roualle (trainer).
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
Winner: Barney Roy, William Buick, Charlie Appleby.
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
Winner: Secret Advisor, Tadhg O’Shea, Charlie Appleby.
8.15pm: Handicap (TB) $175,000 (D) 1,600m
Winner: Plata O Plomo, Carlos Lopez, Susanne Berneklint.
8.50pm: Handicap (TB) $135,000 (T) 1,600m
Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
Winner: Gladiator King, Mickael Barzalona, Satish Seemar.
More coverage from the Future Forum
First Person
Richard Flanagan
Chatto & Windus
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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Read more from Mina Al-Oraibi
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
As You Were
Liam Gallagher
(Warner Bros)
STAR%20WARS%20JEDI%3A%20SURVIVOR
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AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
