GoTo shares soar after raising $1.1 billion through IPO

goto shares soar after raising 1

Indonesia’s biggest tech company, GoTo Group, had its share prices increase by 23 percent in its market debut after raising $1.1 billion in one of the world’s largest initial public offerings (IPO) in 2022.

GoTo shares jumped as much as 416 rupiahs ($0.029) versus their initial offer price of 338 rupiahs ($0.024) per share, which was the top end of an indicative price range of one of the world’s most extensive offerings in 2022, so far. The shares of GoTo later trimmed gains to trade at 384 rupiahs ($0.027).

GoTo’s market listing bucks a global trend of firms scrapping or delaying IPOs because of worries about soaring inflation, Russia’s invasion of Ukraine, and rising interest rates. As Indonesia’s tech industry gains steam, GoTo’s strong market debut bodes well for the region’s other technology companies seeking to list in Indonesian or overseas markets.

GoTo’s strong debut also boosts the firm’s backers, who saw their other investments battered by the global market rout since late last year, including longtime major investors Alibaba Group Holding Ltd. and SoftBank Group’s Vision Fund 1.

Andre Soelistyo, the CEO and co-founder of GoTo, said that the firm would use the funds raised by the IPO to bankroll an expansion of its services to more markets.