Indonesia's GoTo faces critical challenges after landmark IPO

Enhancing competitiveness, turning profits among keys to expanding investor base

GoTo's debut on the Indonesia Stock Exchange has stoked pride in the Southeast Asian country. (Photo courtesy of GoTo)

NANA SHIBATA, ISMI DAMAYANTI and KENTARO IWAMOTO, Nikkei staff writers

April 14, 2022 14:24 JST

TOKYO/JAKARTA -- Despite global headwinds facing tech stocks, Indonesia's largest startup GoTo Group made a steady start as a public company, with shares rising 13% in their market debut on Monday.

Positioning itself as an iconic national brand, GoTo garnered backing from local investors -- and apparently from authorities -- who hope the company will energize the country's fast-emerging economy, Southeast Asia's largest.