Startup unicorn Go-Jek, the most popular ride-hailing app in Indonesia, is not ready yet for an initial public offering (IPO) on the Indonesia Stock Exchange (IDX). Andre Soelistyo, President of Aplikasi Karya Anak Bangsa (Go-Jek), said Go-Jek still needs plenty of time to prepare for such a corporate move as it is a relatively new company and therefore needs to adapt its corporate and financial management, including financial reporting compliance.
Moreover, the IDX has a regulatory requirement for listed companies to become profitable within two years of listing. Soelistyo added that Go-Jek’s business model has to be fully mature in order to attract investors once it decides to become a public company in Indonesia.
