Indonesia's GoTo looks to raise $1 billion via convertible bonds -sources

By Anshuman Daga

SINGAPORE (Reuters) -Indonesia's largest tech firm PT GoTo Gojek Tokopedia Tbk is seeking to raise about $1 billion through a convertible bond issue, three sources familiar with the matter said on Tuesday.

A GoTo spokesperson declined to comment.

The company is working with three financial advisers for the offering which is expected to launch in the fourth quarter, said the sources who declined to be named as they were not authorised to speak to the media.

The deal is subject to market conditions, said two of the sources.

The company is backed by the likes of SoftBank Group Corp, Alibaba Group and Singapore sovereign wealth fund GIC.

GoTo, formed last year by the merger of ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia, surprised analysts when it braved turbulence in global equity markets earlier this year to raise $1.1 billion in an initial public offering (IPO).

Following the IPO, GoTo sought approval from shareholders to issue a maximum of 118.4 billion shares worth around 10% of its total capital through a private placement.

Its shares, which were priced at 338 rupiah in the IPO, traded at 324 rupiah on Tuesday.

(Reporting by Anshuman Daga, Editing by Louise Heavens, Kirsten Donovan)