GoTo became Indonesia's go-to after its debut IPO raised an eye-raising $1.1b. The ride-hailing, e-commerce, and financial services company rocketed into the ranks of the country’s most valuable stocks — early trading saw it soar to as much as 23% above its IPO price.
The multi-faceted app closed at 13% above asking, giving it a market cap equivalent to more than $30 billion. Businesses floating on the IDX have seen an uptick of 10% with many others seeing their market cap take a dive.
The IPO is the world's fifth-largest this year and went forward despite many IPOs across the globe being pulled due to the Russia-Ukraine war and rising interest rates.
Why it matters
Many Indonesian tech firms were watching the IPO with a keen eye, as startups such as Tiket.com and Binance-backed TokoCrypto are looking to enter the $1 trillion dollar Indonesian Stock Market (IDX).
