GoTo makes strong debut, lifts mood for Indonesia tech sector - IPO is world's fifth-largest this year, bucking global weakness

A bull statue in front of an electronic board displaying stock prices at the lobby of the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia, on Monday, April 11, 2022. GoTo Group, Indonesia’s biggest tech company, surged on its first day of trading after raising $1.1 billion in one of the world’s largest initial public offerings this year. - Bloomberg

JAKARTA/SINGAPORE, April 11 (Reuters): GoTo soared as much as 23% in its market debut on Monday after Indonesia's largest tech company raised $1.1 billion in a keenly watched IPO, fuelling expectations of more offerings to come from the sector in South-East Asia's largest economy.

The initial public offering (IPO) is the world's fifth-largest this year, Refinitiv data showed, and went forward despite many IPOs across the globe being pulled due to the Russia-Ukraine war and rising interest rates.