Dubai Telegraph - Indonesia tech giant GoTo soars on market debut

EUR -
AED 3.815793
AFN 76.358734
ALL 99.523854
AMD 411.973954
ANG 1.872666
AOA 947.449075
ARS 1097.446155
AUD 1.653711
AWG 1.869965
AZN 1.764672
BAM 1.958664
BBD 2.097968
BDT 126.244626
BGN 1.954846
BHD 0.391523
BIF 3039.731556
BMD 1.038869
BND 1.406156
BOB 7.179603
BRL 5.987725
BSD 1.03902
BTN 90.239405
BWP 14.382241
BYN 3.400373
BYR 20361.838175
BZD 2.087183
CAD 1.483999
CDF 2981.554782
CHF 0.948981
CLF 0.025894
CLP 993.677075
CNY 7.593147
CNH 7.595843
COP 4330.00722
CRC 525.869057
CUC 1.038869
CUP 27.530036
CVE 110.899449
CZK 25.054449
DJF 184.627565
DKK 7.458998
DOP 64.722143
DZD 140.57042
EGP 52.589852
ERN 15.583039
ETB 131.15764
FJD 2.403737
FKP 0.855599
GBP 0.834861
GEL 2.929556
GGP 0.855599
GHS 16.05055
GIP 0.855599
GMD 74.280784
GNF 8992.45274
GTQ 8.021731
GYD 217.60929
HKD 8.09234
HNL 26.677969
HRK 7.666386
HTG 136.089023
HUF 402.165519
IDR 17016.679047
ILS 3.720352
IMP 0.855599
INR 90.381528
IQD 1360.918776
IRR 43723.411626
ISK 146.604917
JEP 0.855599
JMD 163.60927
JOD 0.737077
JPY 160.414894
KES 134.014368
KGS 90.849132
KHR 4165.865689
KMF 492.995616
KPW 934.982481
KRW 1509.066698
KWD 0.320948
KYD 0.865879
KZT 524.05397
LAK 22569.435631
LBP 93082.688783
LKR 308.711475
LRD 205.124338
LSL 19.250189
LTL 3.067511
LVL 0.628402
LYD 5.100913
MAD 10.370515
MDL 19.570904
MGA 4893.074438
MKD 61.451314
MMK 3374.206945
MNT 3530.077975
MOP 8.33571
MRU 41.720589
MUR 48.616106
MVR 16.000344
MWK 1804.51634
MXN 21.333051
MYR 4.645813
MZN 66.385957
NAD 19.249942
NGN 1564.68277
NIO 38.178607
NOK 11.701424
NPR 144.384239
NZD 1.840384
OMR 0.399983
PAB 1.039035
PEN 3.857838
PGK 4.164836
PHP 60.515698
PKR 289.844407
PLN 4.163948
PYG 8175.95693
QAR 3.782005
RON 4.977738
RSD 117.099265
RUB 97.653405
RWF 1455.455882
SAR 3.896328
SBD 8.775292
SCR 14.928996
SDG 624.360443
SEK 11.301469
SGD 1.405662
SHP 0.855599
SLE 23.687412
SLL 21784.569592
SOS 593.725927
SRD 36.573366
STD 21502.496931
SVC 9.091296
SYP 13507.378554
SZL 19.25005
THB 35.354282
TJS 11.351756
TMT 3.636043
TND 3.309316
TOP 2.433135
TRY 37.504638
TTD 7.049411
TWD 34.112292
TZS 2690.671414
UAH 43.466968
UGX 3822.590348
USD 1.038869
UYU 45.025848
UZS 13505.300538
VES 63.650812
VND 26558.693518
VUV 123.336649
WST 2.909693
XAF 656.917709
XAG 0.032253
XAU 0.000358
XCD 2.807596
XDR 0.795563
XOF 660.203985
XPF 119.331742
YER 257.639653
ZAR 19.246763
ZMK 9351.063501
ZMW 29.06793
ZWL 334.515489
  • RBGPF

    1.8700

    66.72

    +2.8%

  • RYCEF

    0.0600

    7.67

    +0.78%

  • CMSD

    -0.1800

    23.71

    -0.76%

  • CMSC

    -0.1800

    23.28

    -0.77%

  • SCS

    -0.0500

    11.93

    -0.42%

  • GSK

    0.0600

    36.13

    +0.17%

  • NGG

    -0.9000

    60.58

    -1.49%

  • RIO

    0.3900

    62.04

    +0.63%

  • BCC

    -4.6000

    118.72

    -3.87%

  • RELX

    0.1100

    51.44

    +0.21%

  • VOD

    0.0900

    8.59

    +1.05%

  • BTI

    0.2200

    42.74

    +0.51%

  • BCE

    0.3800

    23.26

    +1.63%

  • JRI

    -0.0200

    12.85

    -0.16%

  • BP

    0.1300

    34.68

    +0.37%

  • AZN

    1.7000

    74.43

    +2.28%

Indonesia tech giant GoTo soars on market debut
Indonesia tech giant GoTo soars on market debut

Indonesia tech giant GoTo soars on market debut

Indonesia's biggest tech firm soared in Jakarta trade Monday after a billion-dollar IPO that was the world's fifth-biggest this year, defying recent heavy weather for Asian tech stocks.

Text size:

GoTo, the largest digital ecosystem in the archipelago nation of 270 million people, was formed by the merger of ride-hailing company Gojek and e-commerce platform Tokopedia in May 2021.

Clad in the signature black-and-green jacket of a Gojek driver, GoTo CEO Andre Soelistyo pressed the 9 am opening bell at the Jakarta stock exchange.

"Despite global market volatility, investor interest has been strong, reflecting the rapidly growing demand in Southeast Asia for our on-demand, e-commerce and financial technology services, as well as confidence in GoTo's position as the largest digital ecosystem in Indonesia," he said in a press release.

His company's shares jumped by up to 23 percent in the first exchanges and fluctuated around 15 percent at 388 rupiah during the trading session.

The company raised about $1.1 billion in its IPO that concluded last week, priced at 338 rupiah per share, representing a market value of about $28 billion, it announced Monday.

It has sold shares for $954.7 million (13.7 trillion rupiah) plus $146.3 million from treasury shares for the purpose of over-allotment.

Based on the total funds raised, GoTo's IPO is the third-largest in Asia and fifth-largest in the world this year, it said.

The company announced last week it would distribute shares worth about $21.6 million to hundreds of thousands of its drivers.

One of the lucky drivers was Ryan Supriandi, who has been a Gojek driver for nearly seven years.

Supriandi was pleasantly surprised to receive a mobile notification saying the company had granted him 4,000 shares, worth about $90.

"I was happy and confused at the same time -- what am I going to do with it? Many drivers don't understand shares or markets," the 34-year-old told AFP.

President Joko Widodo congratulated GoTo on its debut.

"I hope GoTo IPO will motivate Indonesian youth to give new energy for the leap of our country's economic development," Widodo said.

But Reza Priyambada, a stock market analyst from CSA Research Institute, said that while it was still too early to judge how GoTo would perform, investors should proceed cautiously.

"While they do claim to be the biggest marketplace in Indonesia, they are still suffering losses at the moment," Priyambada said.

"Right now investors are still under a euphoria, but we don't know if they really understand how GoTo works, what are their prospects and how the management is run."

GoTo has not published profits yet. The exchange reported that from January to July 2021 the company posted more than $556 million in net losses.

Last year, another Indonesian unicorn, Bukalapak, launched the biggest initial offering in the history of the country's stock market, raising more than $1.5 billion.

However, shares in the online marketplace have since dropped by around 60 percent, instilling doubts in the Southeast Asian tech sector.

A successful IPO for GoTo could open the door to a string of listings in the country as several tech firms -- including Traveloka, LinkAja, J&T Express, Tiket and Blibli -- are also set to make their market debut, according to local media.

GoTo, whose main competitors in the region are SEA and Grab, has said previously that it was also planning a US listing.

In November it said it had raised $1.3 billion from various investors including Google, Singapore's Temasek and China's Tencent.

A.Al-Mehrazi--DT