Gojek Plans Dual Listing After CEO Departure

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  • October 25, 2019
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  • 4 minutes read
Gojek co-founder Nadiem Makarim

Photo by World Economic Forum / Sikarin Thanachaiary via CC BY-NC-SA 2.0 license

The new co-CEOs of Gojek, Indonesia’s largest startup, have said they plan to take the company public, likely via a dual listing (a situation where a company trades on more than one stock market). They made this known in a brief to reporters on Thursday, a brief that came shortly after its co-founder and long-running CEO Nadiem Makarim announced he’s stepping down to join Indonesia’s cabinet.

Gojek co-CEO Andre Soelistyo, in his brief, didn’t specify a particular time for an IPO, but said it could be “a few years” away. “We don’t have a set target yet when, but we’re already moving along,” He said. Soelistyo noted that Gojek would like to provide opportunity for Indonesian investors to participate, and said the company was also considering a secondary listing in a not-yet-decided location.

Soelistyo alongside Kevin Aluwi, two Gojek veterans, have taken up co-CEO roles at the company after Makarim left to serve as Indonesia’s education minister. While Makarim’s departure came as a surprise, the appointment of two veterans from Gojek to replace him likely lulled concerns about continuity that’ll be usual for fast-growing startup like Gojek.

At Gojek, Aluwi and Soelistyo have held leadership roles across finance and product teams. Soelistyo joined from Northstar Group, Indonesia’s largest private equity firm, and has overseen more than $4 billion of fundraising at the company. Aluwi on the other hand is a Gojek co-founder, and has leveraged his experience in business intelligence to pioneer the use of data for decision-making across its businesses.

The new co-CEOs said they’ll focus on three core parts of Gojek’s business — mobility, payments and financial services and food delivery, rather than experimenting on secondary areas.

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