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GoTo posts lower gains than Bukalapak at IDX debut
Competitor Bukalapak gained 25 percent on its IDX debut last year, despite being multiple times smaller in market cap.
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GoTo announces its rise in share prices following its initial public offering (IPO) with (from left to right) Gojek's first driver Mulyono, Gojek founder Kevin Aluwi, president commissioner Garibaldi Thohir and Wimboh Santoso, chairman of the Board of Commissioners of the Financial Services, on Monday. (GoTo/Henry)
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omegrown tech giant GoTo gained 23 percent at its Indonesia Stock Exchange (IDX) debut on Monday, a smaller gain compared with competitor Bukalapak, following a global cooldown of investor appetite for tech stocks.
GoTo, a merger between ride-hailing firm Gojek and e-marketplace Tokopedia, saw share prices rise to Rp 416 (2.8 US cents) apiece during the first hour of trading, from the initial public offering (IPO) price of Rp 338 apiece. Listed under the ticker GOTO, the company is the first tech decacorn to be publicly listed in Southeast Asia.
However, GoTo's gains were lower than homegrown e-marketplace unicorn Bukalapak – the first tech giant to go public in the region – that posted a 25 percent gain during its IDX debut on Aug. 6 last year, even though the former is 15 times larger than the latter in terms of market cap.
The decacorn went public at a time when companies were delaying IPOs amid market volatility due to the Ukraine war and rising interest rates, and as investors were letting go of stocks of tech firms including Bukalapak, Grab and SEA Group – owner of e-marketplace Shopee.
"There was no perfect timing for this IPO, but our focus was on Indonesia, with a local investor audience. Despite uncertainty in the market, Indonesia has performed much better than other countries," GoTo CEO Andre Soelistyo told reporters in Jakarta.
He said the company would focus on improving its business performance and share prices would adjust accordingly.
GoTo shares closed at Rp 382 apiece on Monday, just 13 percent higher than the IPO price.
