RIYADH: Indonesia’s startup giant GoTo Group raised about $1.1 billion in one of the world’s largest initial public offerings announced since the Russian invasion of Ukraine, Bloomberg reported.
The Jakarta-based company priced the IPO near the middle of the range announced earlier, at 338 rupiah ($0.02) a share, people familiar with the matter said, asking not to be identified for information privacy.
The middle range announced earlier was 316 rupiah to 346 rupiah.
GoTo representatives couldn’t immediately comment on the matter, Bloomberg said.
GoTo’s listing is the second-largest deal announced this month, surpassed only by Dubai Electricity & Water Authority’s $2.2 billion offering.
This listing comes while companies globally are scrapping or delaying IPOs due to the ensuing market volatility amid the Russian-Ukraine war.
Indian payment service provider MobiKwik will not be heading for its IPO in the next few months due to unstable global market conditions, according to CNBC TV.
Other Indian companies delaying their IPOs include the Nusli Wadia Group-backed GoFirst, the logistics company Delhivery and the Life Insurance Corporation.
Japan’s SBI Sumishin Net Bank on March 7 postponed its IPO on the Tokyo Stock Exchange, as Ukraine war scares investors, derailing one of the country’s biggest listings this year, Asia Nikkei reported.