GoTo Group, an Indonesian tech giant formed in a merger between two of the country's largest start-ups: Gojek and Tokopedia, has officially listed on the Indonesian Stock Exchange (IDX).

GoTo's shares rose on its first day of trading after raising around US$1.1 billion in one of the world’s largest initial public offerings (IPO) this year.

Key Highlights

• The shares surged as much as 23% to IDR 416 rupiah compared to its IPO price of IDR 338 in the opening minutes of trade after the market was opened.
• However, the price has settled to around IDR 388, 15% increase from the IPO price, setting the company’s valuation at an estimated US$32 billion.
• GoTo became third most-valuable listed firm in Indonesia, after Bank Central Asia and Bank Rakyat Indonesia.
• All investors in GoTo are subject to an eight-month lock-in, or two years for those with multiple class voting shares.
• The company will use a third of the freshly raised funds for GoTo Group; another third for Tokopedia; and the remaining for GoPay, GoFinance, and Gojek’s operations in Singapore and Vietnam.
  
• GoTo is one of the fastest growing consumer-internet companies in Southeast Asia but have yet to generate a sustainable profit.