Gogoro shares jump 10% on Nasdaq debut

Additional reporting by Miguel Cordon

Correction: This share movement was changed to reflect the movement of GGR’s stock from the last closing price of PPGH.

Shares of Taiwan-based Gogoro ended up about 10% on its first day of trading on the Nasdaq. The electric scooter maker went public via a merger with blank-check firm Poema Global Holdings in a deal that sets its enterprise value at US$2.35 billion.

Photo credit: Gogoro

The stock, which is trading under the tickers GGR and GGROW, ended its first day of trading at US$14.02 and US$1.71, respectively. Poema Global Holdings ended the previous day at US$12.74.

The electric vehicle firm raised US$335 million through the merger, which includes PIPE financing of US$295 million. Investors in the SPAC merger also include GoTo and Temasek, according to a Finite Insights report.

Founded in 2011, Gogoro has produced EVs that have been used by more than 450,000 riders, and it has also built 10,000 battery-swapping stations in Taiwan. The company said that 25% of two-wheel vehicles sold in Taipei in December 2021 were powered by its battery-swapping solution.

See also: What it takes for Gojek to go entirely green

In October 2021, the EV firm forayed into China, despite investment and supply chain decoupling from China as Beijing cracks down on dominant domestic tech groups and foreign fundraising.

Gogoro also has a partnership with Gojek, which started as a battery-swap scheme in Jakarta at the end of last year. Under the deal, Gojek’s riders are equipped with Gogoro’s scooters.

In January, Gogoro signed an agreement with Electrum, which was founded by Gojek and energy firm TBS Energi Utama. Gojek and Gogoro are looking to build infrastructure for electric vehicles, especially for two-wheel EVs and battery solutions.