Jakarta, CNBC Indonesia – Price stabilization through the scheme greenshoe shares of PT GoTo Gojek Tokopedia Tbk (GOTO) works. This is revealed in the disclosure of information related to these activities.
CGS-CIMB Sekuritas Indonesia became broker in charge of greenshoe. This broker has bought 1.22 billion shares of GoTo at an average price of IDR 338 per share.
Thus, the transaction value reached Rp 413.23 billion. The transaction was carried out today, Wednesday (20/4/2022).
As for the allocation greenshoe of 6.09 billion shares. Thus, the shares purchased for price stabilization amounted to 20.07% of the existing allocation.
Since the beginning of the listing or listing of GOTO’s shares on April 11, CGS-CIMB has not executed the greenshoe. Today’s purchase is the first to be made.
Just so you know, the Green Shoe Rule is regulated in Bapepam-LK Regulation No.XI.B.4 concerning Stock Price Stabilization in the Context of an 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, or 7.8 billion shares, to be taken from treasury shares. If the greenshoe scheme is carried out and implemented optimally, the total number of GoTo shares outstanding to the public will be 59.82.5 billion shares.
Judging from the stock price movement, GOTO opened to a level of IDR 364 per share, higher than the previous price of IDR 364 per share. The price then gradually dropped until it was parked at the level of Rp. 340 per share at the close of the first session.
The price touched the IPO level at Rp 338 per share in the second trading session today. The price also touched the level of Rp 342 per share several times before finally closing again at the level of Rp 338 and accumulating a decline of 5.59% throughout the day.
(dhf)
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