GoTo to raise $1.1 billion after pricing IPO at top end of price band

© Reuters. FILE PHOTO: A man walks past screen at the Indonesia Stock Exchange building in Jakarta, Indonesia, September 6, 2018. REUTERS/Willy Kurniawan

SINGAPORE (Reuters) -GoTo Group, Indonesia’s biggest tech firm, said on Thursday it plans to raise $1.1 billion in an initial public offering (IPO), pricing the offer in the top half of its indicative range after receiving regulatory approval.

GoTo, formed last year by the merger of ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia, surprised some investors and analysts when it launched its IPO process earlier this month, braving turbulence in global equity markets.

“We are pleased with the investor response, which has remained resilient, despite global macro and market volatility,” Andre Soelistyo, GoTo Group’s CEO, said in a statement.

Reuters reported last week that GoTo had received sufficient investor orders for its IPO that could raise at least $1.1 billion within its targeted price band. [L2N2VS03I]

($1 = 14,340.0000 rupiah)