Key Points
- The holding company, GoTo, breaks records in its debut.
- Goto raises $1.1 billion in its first public IPO.
- It ranks among the top 3 most valued listed firms in Indonesia.
The Indonesian holding company, GoTo, made its debut in the stock market last Monday(April 11). Also, the company secured. $1.1 billion in the Initial Public Offering (IPO). And this public IPO is considered to be the fifth-highest in the globe in 2022.
In its debut IPO, GoTo gained 23% in the stock market and it is expected to reach even higher levels. Likewise, more shares from companies in the tech and other sectors are expected from Southeast Asia’s reigning economy, Indonesia. The firm performed brilliantly in its debut, despite the drawbacks caused by the Ukraine-Russia crisis.
The young company was formed last year from the synergy of two reputed companies of Indonesia. Tokopedia, a leading e-commerce platform and Gojek, an on-demand multi-service platform, were merged successfully. Together these two companies have attachments with a large number of small to medium-scale firms.
According to Andre Soelistyo, CEO of GoTo, they didn’t have an ideal time to launch the debut IPO but they were trying to focus on Indonesia and attract local investors. The holding company is also backed up by tech tycoons, such as Alibaba Group Holding and SoftBank Group’s Vision Fund 1. GoTo is doing such a great job that Joel Shen, Head of Asia Technology, stated that the company’s IPO was a turning point for Indonesia.
Reference,
https://www.channelnewsasia.com/business
-Dilshan Rukshana-
