GoTo Group, Indonesia’s biggest tech firm, has sold its majority stake in Filipino e-wallet Coins.ph.
Ride-hailing and payments firm Gojek, which merged last year with e-commerce leader Tokopedia to form GoTo.
GoTo had acquired the stake in 2019 as it planned a full expansion into the Philippines. But the plan was halted in the same year after regulators did not grant it a ride-hailing license.
GoTo plans to raise $1.1 billion in its upcoming initial public offering (IPO) in Jakarta, in one of Asia’s biggest IPOs so far this year.
