GoTo’s bosses racked up political points on its Monday debut. Top brass rode to the Jakarta ceremony on own-brand electric mopeds while the $1.1 billion deal, the first under new rules designed to lure startups, boasted a record number of participants.
. None of three now trade within 50% of their listing prices. At 28 times trailing sales, unprofitable GoTo is roughly in line with Grab, its regional rival.
The company’s push towards using electric scooters is political catnip in polluted Jakarta; giving its drivers a piece of the float widens its investor base and generates local goodwill. It doesn’t hurt that the commodities-heavy Jakarta bourse is up 11% this year. Perhaps GoTo’s political nous will help keep its share price from dropping into lower gear.
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