Jakarta, CNBC Indonesia – Foreign investors continue to collect shares of the ride-hailing and e-commerce issuer PT GoTo Gojek Tokopedia Tbk (GOTO). Since the beginning of their debut on the stock exchange, foreigners have been recorded to have bought up more than Rp 600 billion of GOTO’s shares.
Meanwhile, referring to data from the Indonesia Stock Exchange (IDX) as of the close of session I, Friday (22/4/2022), GOTO’s share price fell 1.18% to Rp 336/unit with a transaction value of Rp 619.99 billion and a trading volume of 1 .83 billion shares.
Until this afternoon, foreign investors made a net buy of Rp 113.98 billion in all markets. Meanwhile, since taking the floor on the stock exchange on April 11, 2022, foreigners have recorded a net buy of IDR 607.24 billion in all markets.
Previously, GoTo explained, price stabilization through schemes greenshoe GOTO stock has been working since Wednesday (20/4). This is revealed in the disclosure of information related to these activities.
CGS-CIMB Sekuritas Indonesia became broker in charge of greenshoe.
On Wednesday, this broker had bought 1.22 billion shares of GoTo at an average price of Rp. 338 per share.
Meanwhile, on Thursday (21/4), CGS-CIMB bought 1.31 billion shares of GOTO with an average price of Rp 337.99 per share.
Thus, the total accumulated value of the shares purchased during the last 2 days reached Rp 857.84 billion.
As for the allocation greenshoe of 6.09 billion shares. With this, as of Thursday (21/4), the shares purchased for price stabilization amounted to 41.66% of the existing allocation.
Just so you know, Greenshoe’s rules are regulated in Bapepam-LK Regulation No.XI.B.4 concerning Stock Price Stabilization in the Context of Initial Public Offering (IPO).
In essence, this regulation allows issuers to intervene or stabilize prices with the provisions of a maximum of 15% of IPO shares with a maximum implementation period of 30 days.
From an investor’s point of view, an IPO with a greenshoe option provides a sense of security that after listing the stock price will continue to be maintained so that it does not fall below the initial offering price.
This strategy also reflects the issuer’s commitment to focus on stable price movements rather than the overly bombastic target of IPO funds.
In implementing the greenshoe scheme, GoTo stipulates up to a maximum of 15% of the number of shares offered at the time of the IPO, which will be taken from treasury shares.
CNBC INDONESIA RESEARCH TEAM
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