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Indonesia's GoTo shares close up 13% in stock market debut

Superapp follows regional rivals in listing even as investor appetite has waned

GoTo executives react after the Indonesian superapp began trading on the Indonesia Stock Exchange on April 11. (Photo courtesy of GoTo)

TOKYO/JAKARTA -- Shares in Indonesian superapp GoTo rose 13% on their first day of trading Monday after giving up stronger early gains, as doldrums in Southeast Asia's tech sector have sapped investor demand.

GoTo's stock price touched 412 rupiah a share in the opening minutes on the Indonesia Stock Exchange, jumping 21% above its initial public offering price of 338 rupiah per share, before closing at 382 rupiah.

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