JAKARTA (Reuters) -Shares of GoTo surged as much as 23% in their market debut on Monday after Indonesia’s largest tech company raised $1.1 billion in a widely anticipated IPO amid a booming local share market.
GoTo shares climbed to as much as 416 rupiah ($0.0290) versus their offer price of 338 rupiah per share, which was the high end of an indicative range for Indonesia’s second-largest IPO. It then traded at 390 rupiah.
Formed by the May merger of ride-hailing-to-payments company Gojek and e-commerce giant Tokopedia, PT GoTo Gojek Tokopedia Tbk’s debut is the culmination of one of the world’s biggest initial public offerings (IPO) so far this year.
The listing ceremony at the Jakarta bourse kicked off with a video of all of GoTo’s senior leadership in Gojek driver uniforms riding in-house Electrum brand electric motorcycles.
GoTo’s IPO marks a watershed for the $70 billion digital market of Southeast Asia’s largest economy, where record venture funding is creating a wave of startups.
($1 = 14,368.0000 rupiah)
(Reporting by Stefanno Sulaiman in Jakarta and Fanny Potkin; Editing by Muralikumar Anantharaman)
