GoTo kicks off US$1.3bil IPO in booming sector

Testing times: A woman stands next to a screen featuring trades at the Indonesia Stock Exchange in Jakarta. The IPO comes at a time when global stocks have tumbled and issuers are postponing offerings as the crisis in Ukraine pushes up commodity prices. — AFP

SINGAPORE: Indonesia’s biggest tech firm GoTo Group is testing investors’ appetite with a public offering that is set to raise up to 17.992 trillion rupiah (US$1.3bil or RM5.5bil) this month, marking one of the biggest domestic offerings in the booming sector.

In its prospectus published yesterday, GoTo said it plans to sell up to 52 billion Series A shares and set a price range of 316 rupiah (9.3 sen) to 346 rupiah (10 sen) per share for the issue.