Asian Tech Press (Mar. 15) -- Indonesia's biggest tech group GoTo plans to raise 17.9 trillion rupiah ($1.25 billion) in a local IPO.

GoTo set a price range of 316 to 346 rupiah per share for the initial public offering (IPO) and plans to sell as many as 52 billion new Series A shares, according to a prospectus filing.

The company was formed in last year by the merger of two of Indonesia's leading technology companies, ride-hailing and payments firm Gojek and e-commerce leader Tokopedi.