GoTo Group, Indonesia’s biggest tech company, surged on its first day of trading after raising US$1.1 billion in one of the world’s largest initial public offerings (IPOs) this year.
The shares yesterday jumped as much as 23 percent in Jakarta trading and were up 15 percent to 388 rupiah at the midday break, valuing the company at about US$32 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 robust debut bodes well for the region’s other technology
Indonesian telecommunications tower company Mitratel (Dayamitra Telekomunikasi) pledged to put US$69.5 million into constructing new towers in remote locations across Indonesia.
An Indonesian dairy producer priced its initial public offering near the top end of a marketed range, raising about $260 million in what’s set to be the nation’s biggest first-time share sale by a food company in more than a decade.