GOTO Stock Price Plummets Ahead of Eid Holiday

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Cindy Mutia Annur 28/04/2022 18:40 WIB

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GoTo Gojek Tokopedia Tbk (GOTO) shares closed down 6.9% or 20 points to Rp 270 per share on Thursday (28/4). GOTO's share price has plummeted by up to 20% since its initial public offering (IPO) on t

GoTo Gojek Tokopedia Tbk Stock Price Movement (April 11-28, 2022)

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GoTo Gojek Tokopedia Tbk Stock Price Movement (April 11-28, 2022)

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One day before the joint leave for Eid al-Fitr 2022, shares of PT GoTo Gojek Tokopedia Tbk (GOTO) closed lower on Thursday (28/4/2022), reaching their lowest level throughout trading on the Indonesia Stock Exchange.

The weakening of GOTO shares has been occurring since the beginning of this week. It began with a 3.5% decline at the close of trading on Monday (25/4/2022), falling to Rp328 per share, compared to Rp340 per share at the end of the previous week.

GOTO continued its decline with a 5.4% drop at the close of trading on Tuesday (26/4/2022), reaching Rp310 per share.

Then the price plummeted 6.4% on Wednesday (27/4/2022) to Rp290 per share, and continued to weaken by 6.9% to Rp272 per share on Thursday (28/4/2022).

Although its share price continues to fall, GOTO has a "greenshoe" mitigation scheme to prevent a deeper decline in share price.

Through this scheme, 15% of GOTO's shares can be used by the company to stabilize its share price.

To implement this scheme, GOTO has appointed PT Indo Premier Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia as underwriters.

However, this mitigation scheme also has limitations. If the funds for the greenshoe scheme are exhausted, then the movement of shares will be entirely left to market mechanisms.

When it debuted on the Indonesia Stock Exchange (BEI) on April 11, 2022, GOTO shares were priced at Rp338 per share, with 40.6 billion shares issued.

From that Initial Public Offering (IPO), GOTO received fresh funds of Rp13.7 trillion. However, since its debut on the BEI until today, the price of GOTO shares has fallen by more than 20%.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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