Yesterday, GoTo Group finally listed on the Indonesian Stock Exchange (IDX). 🔔 Now, it's Indonesia's third most valuable listing on the IDX, at $31.6B.

• At its height, GoTo's share price shot up 23% from the 338 IDR IPO price.
• The day ended with shares at 382 IDR, up 13%.

📊  Market matters

While GoTo listed at a time when global markets are volatile (not just because of political tension but also rising interest rates), the Indonesian stock market's on a roll— Jakarta's main index (JKSE) is up 9% this year.

🥇 Talking firsts

Last year, Bukalapak made waves as the first listed tech unicorn on the IDX. How does GoTo's performance fare?

How many investors? GoTo's IPO process attracted around 300,000 investors, mostly retail investors. This leaves the offer being 15.7x oversubscribed.

• Bukalapak's IPO only attracted 100,000 investors last August, leaving it 8.7x oversubscribed.

Share price. While Bukalapak's share price shot up 25% for the first two days (and hitting the IDX's upper price limit, no less), the high was short-lived. It has lost over two-thirds of its 109T IDR market cap recorded on its first trading day. 😬

What's with the $$$? For GoTo, a third of the IPO cash raised is for GoTo Group, another third is for Tokopedia, and the rest is for GoPay, GoFinance, and Gojek's operations in Singapore and Vietnam.

• On the other hand, Bukalapak received a go signal to use IPO cash for business acquisitions and joint ventures.

🌏  Everyone's watching

On our end, we're excited to see how this plays out. While Bukalapak's IPO was a landmark listing for the ecosystem, GoTo's seen as the "real test" since it's Indonesia's largest private tech company, spanning tons of services across on-demand services (ride-hailing, entertainment, food), e-commerce and fintech.

• In contrast, e-commerce unicorn Bukalapak is the fourth-largest e-commerce firm with only 7% of market share.

Who's next? Indonesian companies looking to list soon are Binance-backed crypto firm Tokocrypto, as well as travel startup Tiket and e-commerce firm BliBli who are looking to do a merger before Tiket's $1B IPO.