Shares in GoTo, the Indonesian company that offers everything from ride-hailing to payment services, surged in their first day of trading, bucking a global decline in technology stocks in a welcome reprieve for early investors SoftBank and Alibaba.
The lossmaking company’s stock rose 15 per cent on Monday following an initial public offering that raised $1.1bn, one of the largest listings in the Indonesian stock exchange’s history and among the biggest worldwide this year.
The market debut for GoTo, which values Indonesia’s biggest start-up at $31.9bn, is another sign that investors see an opportunity for companies to capitalise on the fast-growing number of internet users in the country, home to the world’s fourth-biggest population.
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