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Indonesia tech giant GoTo soars on market debut

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A man reads a newspaper with an advertisement showing the merger between Gojek and Tokopedia in Medan, North Sumatra, Indonesia, May 18, 2021. The ride hailing company Gojek and e-commerce company Tokopedia have announced the merger and form a multibillion dollar company, GoTo Group. Dedi Sinuhaji, EPA-EFE" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/overseas/04/11/indonesia.jpg"/><figcaption>A man reads a newspaper with an advertisement showing the merger between Gojek and Tokopedia in Medan, North Sumatra, Indonesia, May 18, 2021. The ride hailing company Gojek and e-commerce company Tokopedia have announced the merger and form a multibillion dollar company, GoTo Group. <em>Dedi Sinuhaji, EPA-EFE</em></figcaption></figure></div><p>JAKARTA - Indonesia&#x27;s biggest tech firm soared in early Jakarta trade Monday following an initial public offering that closed last week.</p><p>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.</p><p>Its shares were up 17 percent at 396 rupiah (P1.43) at 9:10 am.</p><p>The Jakarta-based company raised about $1.1 billion in its IPO, priced at 338 rupiah per share, representing a market value of about $28 billion, it announced Monday.</p><p>It has sold shares for $954.7 million plus $146.3 million from treasury shares for the purpose of over-allotment.</p><p>Based on the total funds raised, GoTo&#x27;s IPO is the third-largest in Asia and fifth-largest in the world this year, it said.</p><p>&quot;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&#x27;s position as the largest digital ecosystem in Indonesia,&quot; group CEO Andre Soelistyo said in a press release.</p><p>The company announced last week it would distribute shares worth 310 billion rupiah to hundreds of thousands of its drivers.</p><p>GoTo, whose main competitors in the region are SEA and Grab, has said previously that it was also planning a US listing.</p><p>In November it said it had raised some $1.3 billion from various investors including Google, Singapore&#x27;s Temasek and China&#x27;s Tencent.</p><p>Last year, another Indonesian unicorn Bukalapak launched the biggest initial offering in the history of the country&#x27;s stock market, raising more than $1.5 billion.</p><p>However, shares in the online marketplace have since dropped by around 60 percent, instilling doubts in the Southeast Asian tech sector.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/17/21/indonesias-gojek-tokopedia-announce-merger-in-countrys-biggest-deal">Indonesia&#x27;s Gojek, Tokopedia announce merger in country&#x27;s biggest deal</a></li>	<li><a href="https://news.abs-cbn.com/business/06/03/20/facebook-and-paypal-invest-in-indonesian-start-up-gojek">Facebook and PayPal invest in Indonesian start-up Gojek</a></li>	<li><a href="https://news.abs-cbn.com/business/01/09/19/go-jek-cant-set-up-in-philippines-ltfrb">Go-Jek can&#x27;t set up in Philippines: LTFRB</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/5hTsx_UyPg0?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Indonesia's biggest tech firm soared in early Jakarta trade Monday following an initial public offering that closed last week.