Shares of GoTo, Indonesia’s largest technology company backed by Abu Dhabi Investment Authority, soared 23% on the first day of trading after the company raised $1.1 billion in an initial public offering on the Indonesia Stock Exchange on Monday, making it Asia’s third-largest and the world’s fifth-largest IPO this year.
The company’s shares climbed to 416 rupiah ($0.029) on the first day of trading, up 13% from the IPO price of 338 rupiah, and closed the day at 382 rupiah, up from the IPO price of 338 rupiah.
For the purpose of over-allotment, GoTo issued 46.7 billion Series A shares, which included newly issued and treasury shares. GoTo said in a statement that it raised $954.7 million in cash and $146.3 million in treasury shares, giving it a market capitalization of almost $28 billion.
The IPO attracted almost 300,000 investors, with the business awarding more than $20 million in shares to its driver-partners through its Gotong Royong Share Programs. Under the company’s long-term incentive scheme, all full-time employees have been made participants in the IPO.
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