Deep Dive: How GoTo’s IPO went down

Startup Snapshot

GoTo Group, the new entity formed through the Gojek-Tokopedia merger last year, listed on the Indonesian Stock Exchange this month.

While the company’s shares quickly soared past its initial offering price, it also fell just as quickly in a manner reminiscent of the recent public listings of other Southeast Asian firms such as Bukalapak and Grab.

Is this just how Southeast Asian tech stocks perform on the public markets? On this episode of Deep Dive, Tech in Asia journalists Ardi Wirdana and Aditya Hadi Pratama discuss GoTo’s IPO and what its performance might mean for the wider tech and startup scene in Southeast Asia.

Featured reporters:

• Ardi Wirdana, a Tech in Asia journalist based in Jakarta
• Aditya Hadi Pratama, a Tech in Asia journalist based in Jakarta

Essential reading:

• GoTo Group’s financial health in 4 charts
• GoTo’s IPO numbers split opinions, but investors may warm to share price
• GoTo begins $1.1b IPO process
• Org Chart: The people leading GoTo Group
• GoTo shares up by 15% in initial trading, giving valuation of $32b
• GoTo’s shares decline to IPO price, triggering greenshoe option
• GoTo IPO marks win for 2 early SEA VCs, and may supercharge the region’s VC scene

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