Apr 11, 2022 08:21 PM

GoTo Shares Jump After Raising $1.1 Billion in One of Biggest IPOs of the Year


(Bloomberg) — GoTo Group, Indonesia’s biggest tech company, surged on its first day of trading after raising $1.1 billion in one of the world’s largest initial public offerings this year.

The shares jumped as much as 23% and closed the day 13% higher at 382 rupiah in Jakarta, valuing the company at about $31.5 billion.

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

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