Jakarta, CNBC Indonesia – The allotment of shares (allotment) of PT GoTo Gojek Tokopedia Tbk is reported to have been oversubscribed up to 15 times. This makes retail investors who are included in the centralized allotment (pooling) unable to get the number of shares according to the order.
Analysts believe that this will increase retail investors’ interest in pursuing the company’s shares when it is officially listed on the secondary market, which will be officially listed on Monday (11/4/2022).
The high potential for retail investors’ interest was conveyed by the Head of Research of Praus Capital, Alfred Nainggolan. According to him, in the short term, GOTO’s stock movement will be heavily influenced by oversubscribed in the primary market.
“Investors whose shares are reduced or who cannot get their shares will make purchases on the secondary market,” Alfred told CNBC Indonesia, Friday (8/4/2022).
He also said that investors’ interest in GOTO shares will be high in the secondary market, because the company has a stability policy (Greenshoe) to maintain the price of each unit of its shares.
This stability policy is said to have an effect on the demand for company shares when they are officially listed on the stock exchange. Then, in the medium and long term, Alfred sees that investors’ interest in GOTO shares will be greatly influenced by the end of the company’s shareholder look-up period later.
Separately, Capital Market Observer from MNC Sekuritas Edwin Sebayang said retail investors’ interest in GOTO shares will be much higher than institutional investors in the secondary market.
The reason is that institutional investors are predicted to hold back from collecting GOTO shares, because the company is estimated to still experience losses at least until 2024.
“As a retail investor, it is possible, maybe we can buy it using the momentum. This means that this is only for the short term. Because we know that the prospect of the stock will still record losses for the next 2 years. But there is momentum, now retail investors will take advantage of it,” said Edwin.
According to him, the nature of retail investors who often follow trends will make the hunt for GOTO shares in the secondary market enlivened by them. However, investors called Edwin must know what risks await if they collect GOTO shares.
“First, these stocks cannot pay dividends. Second, they can lose losses with a note if they still burn money. If they don’t burn money, how will they increase their losses? Third, technology is developing rapidly, especially now that a pandemic is about to happen. endemic, mobility is getting freer so that dependence on online may be reduced and this can be an obstacle as well,” he said.
GOTO’s IPO share price is set at Rp 338 per share, reflecting an estimated market capitalization of Rp 400.3 trillion (US$ 28 billion).
GoTo offers 46.7 billion new Series A shares, which is a combination of newly issued shares and treasury shares (for more allotment options).
The public offering period has been running from April 1 – 7 2022 and listing on the Main Board of the IDX with the stock code GOTO is scheduled for April 11, 2022.
(hps / hps)
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