Shares of Indonesian e-commerce giant GoTo surged 23% when it began trading on the Jakarta Stock Exchange on April 11, in a landmark listing that raised money in the fifth-largest global initial public offering (IPO) of the year. $1.1 billion. To date, it ranks third in Asia. Shares rose 23 percent to 416 rupiah from the issue price of 338 rupiah ($0.024) in early trade, before closing the day up 13 percent to 382 rupiah. The company, formed from the merger of ride-hailing company Gojek and online marketplace Tokopedia, said…
Shares of Indonesian e-commerce giant GoTo surged 23% when it began trading on the Jakarta Stock Exchange on April 11, in a landmark listing that raised money in the fifth-largest global initial public offering (IPO) of the year. $1.1 billion. To date, it ranks third in Asia.
Shares rose 23 percent to 416 rupiah from the issue price of 338 rupiah ($0.024) in early trade, before closing the day up 13 percent to 382 rupiah.
The company, formed from the merger of ride-hailing company Gojek and online marketplace Tokopedia, is currently valued at about $28 billion, and about 300,000 investors participated in the listing, the highest number ever in an IPO. Indonesia.
The strong debut has powered some of the tech giants backing GoTo, including longtime major investors SoftBank Group’s Vision Fund 1 and Alibaba Group Holding Ltd.
President congratulations
Indonesian President Joko Widodo congratulated GoTo on its debut.
“I hope the GoTo IPO will inspire Indonesian youth to breathe new life into the leap in our country’s economic development,” Widodo said.
The successful IPO was also a welcome occasion for GoTo’s driver-partners, employees, merchants and customers. received Preferential allocation of shares.
“Investor interest has been strong despite global market volatility, reflecting rapidly growing demand for our on-demand, e-commerce and financial technology services in Southeast Asia, as well as confidence in GoTo’s position as Indonesia’s largest digital ecosystem,” GoTo Group CEO Andre Soelistyo said in a statement.
Some analysts remain skeptical
However, some analysts remain cautious, noting that based on the latest available data, GoTo reported a net loss of $556 million in the first half of 2021, according to stock exchange filings. They said it was too early to assess the company’s future performance, what its prospects were and whether management was up to the task.
On August 6 last year, Bukalapak, another Indonesian unicorn, launched the largest initial public offering in the country’s stock market history, raising more than $1.5 billion. Shares in the online marketplace also surged more than 24 percent from their IPO price of IDR 850 in the first trading day, but have fallen nearly 62 percent to IDR 328 from April 11, 2022, raising doubts among investors . Southeast Asia tech industry.
