Indonesia’s largest tech firm GoTo Group said Thursday it will raise $1.1 billion in its initial public offering (IPO), which would make this the third largest IPO in Asia and fifth largest in the world this year.

The IPO price has been set in the top half of the range at IDR338 ($0.024) per share, representing a projected market capitalization of approximately $28 billion, GoTo Group said in a statement.

A total of 46.7 billion Series A shares are being offered for sale by GoTo Group, comprising newly issued, and treasury shares (for the purpose of over allotment).

The public offering period will be held from April 1, 2022 to April 7, 2022 and the listing of the shares on the main board of the IDX is scheduled for April 11, 2022, with the stock code GOTO.

“We are pleased with the investor response, which has remained resilient, despite global macro and market volatility. To be able to access the public markets under the current conditions is testament to the long term potential of our business and will bolster our balance sheet while preserving value for shareholders. Indonesia’s capital market, which has out-performed other markets around the world, has the depth and capacity to support a listing of this scale,” said Andre Soelistyo, GoTo Group Chief Executive Officer.

“As Indonesia’s market leader, with an ecosystem that can address two-thirds of household consumption, we are proud to fly the flag for Indonesian technology as we prime our business for growth in one of the world’s most promising regions,” he said.

Moleonoto The, President Director at Indo Premier Securities, one of the joint lead underwriters, said the positive response from quality, long-only Indonesia-based fund managers means GoTo begins its life as a listed business on strong foundations.

“To achieve a valuation that truly reflects the company’s underlying worth, within the current macro environment demonstrates the performance of the business and the impact it has had on Indonesian society. We are proud to have been part of this journey—one of the world’s most significant IPOs so far this year,” he said.

GoTo Group is a unique ecosystem that combines on-demand, e-commerce, and financial services through the Gojek, Tokopedia, and GoTo Financial platforms. The group is the market leader in Indonesia in each of its three business verticals and is well positioned for continued growth due to the advantage of synergies from within its large ecosystem.

In the 12 months ended September 30, 2021, 55 million annual transacting users (ATUs) carried out two billion transactions representing $28.9 billion of gross transaction value (GTV) within the GoTo ecosystem.

Indonesia is the region’s largest economy, contributing a gross domestic product (GDP) of more than $1 trillion, or 35.2 percent of Southeast Asia’s total GDP, and a population of 274 million, making it the largest country in Southeast Asia and the fourth largest in the world.

[Updated] Indonesia’s GoTo to raise $1.25B in local IPO – report