BEIJING, April 11 (TMTPOST) — Indonesia’s biggest tech company GoTo went public on Indonesia’s stock market on Monday.

GoTo is now trading on Indonesia Stock Exchange under the ticker GOTO. The issue price is 338 rupiah per share. GoTo’s issued 46.7 billion A shares in the IPO under the valuation of US$28 billion. GoTo’s IPO made a strong debut and may be one of the biggest IPOs in 2022 across the globe. It is currently the world’s fifth-largest IPO this year, according to data from Refinitiv. 

The company’s share price rose to as high as 416 rupiah minutes after trading started. The shares are only sold to investors in Indonesia. The company’s valuation even surpassed US30 billion at one time.

GoTo was established through the merger of e-commerce company Tokopedia and ride-hailing company Gojek in 2021. It is the very first tech company that covers the e-commerce, on-demand service and fintech business in Southeast Asia. GoTo was also the most valuable startup in Indonesia, contributing to about 2% of the country's GDP.

As of September 2021, GoTo’s user base reached 55 million and boasted a gross transaction value of over US$28.8 billion. The company has 2.5 million drivers, 14 million merchants and 55 million annual transacting users. The company also has small operations in Singapore and Vietnam. The company is now the third most valuable publicly listed company in Indonesia with a valuation of US$31.6 billion, after Bank Central Asia and Bank Rakyat Indonesia.

The company’s main focus is the Indonesian market, where the digital economy is expected to grow around five times the current levels to as much as US33 billion by 2030, according to a news report by Reuters.