Shares of Indonesia's biggest technology company GoTo, which is <a href="https://www.thenationalnews.com/business/markets/2021/10/20/adia-leads-indonesias-goto-pre-ipo-funding-with-400m-investment/">backed by Abu Dhabi Investment Authority</a>, surged 23 per cent on the first day of trading after the company raised $1.1 billion in an initial public offering on the Indonesia Stock Exchange on Monday, making it the third-largest listing in Asia and the fifth largest in the world so far this year. The company's shares on listing <a href="https://www.idx.co.id/en-us/listed-companies/company-profiles/company-profile-detail/?kodeEmiten=GOTO#trading" target="_blank">rose </a>to 416 rupiah ($0.029) compared with the 338 rupiah IPO price, and closed the day up 13 per cent at 382 rupiah. GoTo offered 46.7 billion Series A shares, comprising newly-issued and treasury shares for the purpose of over-allotment. It raised $954.7 million in proceeds and $146.3m from treasury shares, giving the company a market capitalisation of approximately $28bn, GoTo said in a statement. Around 300,000 investors participated in the IPO, with the company <a href="https://www.thenationalnews.com/business/markets/2022/04/04/adia-backed-goto-allocates-20m-in-shares-to-drivers-before-11bn-ipo/" target="_blank">allocating more than $20m in shares</a> to its driver-partners as part of its Gotong Royong Share Programmes. All full-time employees have also been made participants in the IPO under its long-term incentive plan. "Despite global market volatility, investor interest has been strong, reflecting the rapidly growing demand in Southeast Asia for our on-demand, e-commerce and financial technology services, as well as confidence in GoTo's position as the largest digital ecosystem in Indonesia," group chief executive Andre Soelistyo said. "We can help to support Indonesia’s digital transformation by leveraging technology for the benefit of all.” Indonesia, Southeast Asia’s largest economy, has a young and tech-savvy population with increasing spending power driving the growth of the region’s digital economy. GoTo was formed in May 2021 through the merger of the country’s largest start-ups, ride-hailing and food delivery firm Gojek and e-commerce leader Tokopedia, in an $18bn deal. The company has grown quickly amid the rapid expansion of Indonesia’s digital economy, which is expected to reach $124bn in size by 2025 from $44bn in 2020, <a href="https://www.bain.com/globalassets/noindex/2020/e_conomy_sea_2020_report.pdf">according to a study</a> by Bain, Google and Temasek. Adia, which operates on behalf of the Abu Dhabi government, <a href="https://www.thenationalnews.com/business/markets/2021/10/20/adia-leads-indonesias-goto-pre-ipo-funding-with-400m-investment/">invested $400m </a>in GoTo to lead a pre-IPO fund-raising round, the sovereign wealth fund said in October last year. GoTo plans to use the proceeds from the IPO to support its growth strategy, which includes driving customer acquisition and engagement, enhancing hyperlocal experiences and infrastructure, strengthening ecosystem synergies, and investing in high growth areas, including expansion in Indonesia, Singapore and Vietnam, and the transition towards electric vehicles, it said in the statement. The company's gross revenue reached $1bn in the 12-month period ended September 30, 2021, with orders of approximately 2 billion and gross transaction values of $28.8bn. It had more than 55 million annual transacting users, 2.5 million registered driver partners and 14 million registered merchants as of September, it said. After the Jakarta listing, the company is mulling a subsequent IPO in the US, Mr Soelistyo <a href="https://www.thenationalnews.com/business/2021/11/05/exclusive-adia-backed-goto-on-track-for-indonesian-listing-in-2022/" target="_blank">told <i>The National</i> </a>in November.