Li Ka-shing is known in Hong Kong as quite the deal maker. Now, his son, Richard Li, who has had his fair share of business blunders after dropping out of Stanford, has proven that he’s also quite the businessman himself. Over the past few years, Li has been diversifying his investments, focusing on the Southeast Asian market.
His latest win? GoTo Group. Indonesian tech giant GoTo Group was created by merging online e-commerce store Tokopedia with ride-hailing company Gojek. Now, in one of the world’s biggest IPOs this year, GoTo has raised US$1.1 billion, with Li’s stake worth around US$900 million.
“Indonesia is one of the largest and most exciting growth markets in the world, as reflected in the resilience our capital market has shown this year, against the backdrop of global market volatility,” Andre Soelistyo, CEO of GoTo, said in a statement. “Our listing will be a great moment for those involved in the success of our ecosystem and for everyone that believes in the Indonesian dream.”