GoTo Group has hired banks to help it raise around US$1 billion from an initial public offering in Indonesia, according to people familiar with the matter.

The company, formed as the result of a merger by the country’s two most valuable internet startups, has picked PT Mandiri Sekuritas and PT Indo Premier Sekuritas as underwriters for a local IPO that could happen as soon as next quarter, the people said, asking not to be named as the matter is private.

GoTo will be listed as PT GoTo Gojek Tokopedia, they said.

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