Indonesia IPO – GoTo raises $1.1b, share surges on debut – Indonesian Tech Giant and superapp GoTo (formed via Gojek & Tokopedia merger), closed 13% higher on day one of trading 11th April 2022.
The strong close was in stark contrast to its Singapore rival, Grab’s IPO on NASDAQ in 2021, which the latter raised $4.5 billion and plunged 21% in the biggest US debut by a South East Asian company.
GoTo said in a statement Monday that the total amount raised represented a market capitalisation of $28 billion or 400.3 trillion rupiah.
it marks the 3rd largest IPO in Asia, and 5th largest global IPO in 2022, said GoTo. Some 300,000 investors netted shares in the public offering. This was the largest number to participate in an IPO on the Indonesia Stock Exchange.
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