GOTO Stock Price Exit Level Rp300

Jakarta, CNN Indonesia

Price Stocks PT GoTo Gojek Tokopedia Tbk slumped 6.45 percent or 20 points on Wednesday (27/4). Issuer Shares with code GOTO it even dropped to a level below Rp.300.

Reported by RTI Infokom, it was observed that at 06:38 WIB, GOTO’s stock fell to the level of Rp290. This figure is significantly lower than the Initial Public Offering (IPO) level or the initial public offering price of IDR 338 per share.

At the initial listing on the Indonesia Stock Exchange (IDX) on Monday (11/4), the shares from the merger of Gojek and Tokopedia had penetrated Rp400 per share.

The listing of GOTO shares also made the Composite Stock Price Index (JCI) strengthen one percent at the opening of trading that day to 7,355.

Yesterday, GOTO’s shares moved in the range of IDR 290 to IDR 310 per share. GOTO’s trading volume this morning reached 2.08 billion shares, with a transaction value of IDR 614.2 billion. It was noted that GOTO’s market capitalization reached Rp. 343.47 trillion.

MNC Sekuritas Technical Analyst Herditya Wicaksana said that after the IPO, GOTO’s movement still tends to be downtrend, followed by considerable selling pressure.

“We estimate that if GOTO has not been able to move above the 296-310 level, then GOTO is prone to continuing its correction to the 266-282 range,” he said. CNNIndonesia.comThursday (28/4).

Previously, GOTO had used 100 percent greenshoe to maintain yesterday’s stock price.

Greenshoe is a mechanism used by issuers to stabilize stock prices after an IPO. Companies are free to choose a broker as their stock stabilization agent within a period of 30 days from being listed on the IDX.

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During this time, stabilization agents can buy GOTO shares at any price up to the maximum IPO price of IDR 338 per share.

GoTo itself has appointed PT CGS-CIMB Sekuritas Indonesia as the company’s stock price stabilization agent.

“In connection with price stabilization activities in the context of the initial public offering of GoTo Gojek Tokopedia shares, through this letter we submit the transaction report as of 27 April 2022 as follows,” wrote CGS-CIMB Sekuritas Indonesia.

CGS-CIMB bought 75 million shares at an average price of Rp293 per share. Previously, CGS-CIMB has also bought 16 million shares at a price of Rp310 per share.

Thus, the shares allocated for the greenshoe scheme have been purchased 100 percent by the agent.

[Gambas:Video CNN]