BEIJING, March 15 (TMTPOST) — Indonesian Internet service unicorn GoTo is seeking to raise US$1.25 billion through its IPO in Indonesia, the company’s prospectus shows.

GoTo was formed in 2021 in an US$18 billion merger between two of Indonesia’s most valuable startups——ride-hailing giant Gojek and e-commerce firm Tokopedia. The Jakarta-based company said on Tuesday that it plans to go public on the Indonesia Stock Exchange next month. The listing would value the company at up to US$29 billion.

The company received a US$1.3 billion fund in a round of financing last year led by the Abu Dhabi Investment Authority that valued the company at US$28.5 billion. Other investors included Fidelity International and Google.

GoTo’s CEO Andre Soelistyo said last year that Indonesia and other markets in Southeast Asia have the most prominent markets with growth across the globe. The pre-IPO financing round also confirms investors’ confidence in the rapidly growing digital economy in the region and GoTo’s leadership in the market, he said.

GoTo plans to go public in both Indonesia and the United States, the company said. GoTo’s main competitors in Southeast Asia include Sea and Grab.

Founded in May 2021 through a merger of Gojek and Tokopedia, GoTo is the most valuable startup in Indonesia, contributing to about 2% of the country’s GDP. Gojek was founded in the country in 2010 as a call center to arrange courier deliveries, while Tokopedia, founded in 2009 in Indonesia, was an emerging e-commerce platform. The two companies started partnering with each other in 2015 as Gojek drivers helped deliver products from Tokopedia. GoTo was then founded in May 2021. It was reported that the combined entity had 100 million monthly active users, more than 11 million merchants, and over 2 million drivers and offered e-commerce, ride-hailing, food delivery and financial services among other offerings.