GoTo soared as much as 23 per cent in its market debut on Monday after Indonesia’s largest tech company raised US$1.1bn in a keenly watched IPO, fuelling expectations of more offerings to come from the sector in Southeast Asia’s largest economy.
PT GoTo Gojek Tokopedia Tbk was formed by last year’s merger of ride hailing-to-payments company Gojek and e-commerce leader Tokopedia, with its businesses straddling millions of small and mid-sized firms across the archipelago.
“There was no perfect timing for this IPO, but our focus was on Indonesia, with a local investor audience,” GoTo’s CEO Andre Soelistyo, a former private equity banker who steered Gojek’s push into consumer services, told reporters.
GoTo’s shares rose as high as 416 rupiah minutes after the start of trade, compared with the 338 rupiah IPO price. Sold only to investors in Indonesia, unlike most other domestic offerings, the shares ended at 382 rupiah, up 13 per cent. In today’s trading, shares fell as much as 3.14 per cent after rising up to 15.7 per cent earlier in the session before erasing its gain.
The strong listing will boost tech giants backing GoTo, including SoftBank Group’s Vision Fund 1 and Alibaba Group Holding Ltd, which have been battered by the global market rout since late 2021.
