GoTo Group Jumps into Public Trading

Indonesia-based GoTo Group'S stocks surged on Monday's public trading debut, pushing ride-hailing, e-commerce and the financial services company into the ranks of the country's most valuable stocks.

GoTo Group is 23% above the IPO price in its initial trading on the Indonesia Stock Exchange. Shares rose 13% to close, with the company's market capitalization exceeding $30 billion.

The Jakarta-based company (formally known as PT GoTo Gojek Tokopedia Tbk) has attracted about 300,000 investors and said it has raised $1.1 billion worth of funding. Global IPO volume in the first quarter fell by nearly 74% year-on-year to $54.08 billion, according to Dealogic data. 

The company was formed last year from the merger of Southeast Asian ride-hailing giant Gojek and e-commerce business Tokopedia. Gojek is best known for its app connecting vehicles with passengers in places such as Greater Jakarta. 

It later also added services such as payments, housecleaning and delivering food and parcels. Tokopedia operates an online marketplace and has said that it had more than 55 million annual transacting users.