GoTo Soars on IDX Debut

On April 11th, 2021, GoTo, the merged entity of two of Indonesia's largest startups, Gojek and Tokopedia Indonesia debuted on the Indonesia Stock Exchange (IDX). The price surged at highest to IDR 416 per share, a 23% increase from its initial offering price of IDR 338 before closing at IDR 382 at the end of the trading day (up 13%), with transaction volume of Rp 3.6 trillion from 9.41 million shares. Today, the price fluctuates between IDR 360-380.  

GoTo had raised IDR 15.8 trillion ($1.1 billion) from its IPO with IDR 13.7 trillion in proceeds and IDR 2.1 trillion from treasury shares to cover over-allotment. Over 300,000 investors, both local and international, participated in the offering, marking another record IPO on IDX. The total raised funds placed GoTo's' IPO as the third largest in Asia and the fifth largest globally this year according to Bloomberg. 

With its current market capitalization of approximately IDR 400 trillion, GoTo is the country’s fourth largest company behind PT Bank Central Asia, PT Bank Rakyat Indonesia, and PT Telkom Indonesia.