Indonesia’s tech giant GoTo soars on market debut
- GoTo raised about US$1.1 billion in its IPO that concluded last week, priced at 338 rupiah per share, representing a market value of about US$28 billion
- GoTo, whose main competitors in the region are SEA and Grab, has said previously that it was also planning a US listing
Indonesia’s biggest tech firm soared in Jakarta trade Monday after a billion-dollar IPO that was the world’s fifth-biggest this year, defying recent heavy weather for Asian tech stocks.
GoTo, the largest digital ecosystem in the archipelago nation of 270 million people, was formed by the merger of ride-hailing company Gojek and e-commerce platform Tokopedia in May 2021.
Clad in the signature black-and-green jacket of a Gojek driver, GoTo CEO Andre Soelistyo pressed the 9am opening bell at the Jakarta stock exchange.
“Despite global market volatility, investor interest has been strong, reflecting the rapidly growing demand in Southeast Asia for our on-demand, e-commerce and financial technology services, as well as confidence in GoTo’s position as the largest digital ecosystem in Indonesia,” he said in a press release.
His company’s shares jumped by up to 23 per cent in the first exchanges and fluctuated around 15 per cent at 388 rupiah during the trading session.