GoTo shares jump 23% after raising $1.1 billion in IPO

Shares of Indonesian technology company GoTo, which debuted on the stock exchange on Monday, jumped 23% to Rs 416 at the opening of trading. By the end of the trading session, quotes rolled back to 384 rupees. This is evidenced by trading data on the Indonesian Stock Exchange.

GoTo's IPO hit the upper end of the price range with a share price of Rs 338. In total, during the initial public offering of shares, the company managed to raise about $1.1 billion, REUTERS reports.

Many companies have decided to postpone IPOs amid rising interest rates and economic uncertainty.

“There was no perfect timing for this IPO, but we focused on Indonesia with a local investor audience,” comments GoTo CEO Andre Soelistio.

According to Refinitiv, this year's GoTo IPO was the fifth largest in the world.

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