GoTo shares jump after raising US$1.1bil in one of 2022’s biggest IPOs

President Director of the GoTo group Andre Soelistyo speaks to the audience during the Initial Public Offering in Jakarta on March 15, 2022. - AFP

JAKARTA (Bloomberg): 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 this year.

The shares jumped as much as 23% and were up 14% to 386 rupiah at 9:41am in Jakarta, valuing the company at about $32 billion. GoTo sold stock in the IPO at 338 rupiah apiece.