JAKARTA (May 23): Indonesia's biggest tech company PT GoTo Gojek Tokopedia Tbk intends to issue a maximum amount of 118.44 billion shares worth around 10% of its total capital through a private placement.

The private placement will be put forward for shareholder approval in GoTo's annual general meeting on June 28, it said in a statement last Friday (May 20).

The tech company seeks to raise funds to support its own working capital and for its subsidiaries like its e-commerce unit Tokopedia, according to the statement.

The price of the new shares shall be at least 90% of the average closing price of GoTo shares for 25 consecutive trading days prior to the date of application for the additional shares, it said.

Shares in GoTo closed at 304 rupiah (9.1 sen) per share last Friday or down 10% from its initial public offering (IPO) price of 338 rupiah.

GoTo debuted on April 11 after raising US$1.1 billion (about RM4.83 billion) in an IPO by selling around 4% of its shares.