Jakarta, CNBC Indonesia – The selling pressure that hit the shares of PT GoTo Gojek Tokopedia Tbk (GOTO) which continues to occur has forced a price stabilization mechanism to be carried out.
It should be noted that during the initial public offering (IPO) process, GOTO decided to use a stabilization mechanism to keep prices from falling below the IPO price.
In this scenario, GOTO appoints one of the stock exchange members, namely PT CGS-CIMB Sekuritas Indonesia as a stabilizing agent, where the agent is tasked with maintaining prices.
When the price of GOTO’s shares fell below the IPO price, then CGS-CIMB Sekuritas Indonesia was tasked with buying GOTO’s shares so that the price would not fall further.
However, the selling pressure on GOTO shares began to be felt on April 19, 2022. The onslaught against GOTO shares continued on April 20, 2022.
On this date for the first time CGS-CIMB Sekuritas Indonesia worked as a stabilization agent. A total of 1.2 billion GOTO shares were purchased by CGS-CIMB Sekuritas Indonesia at a price of IDR 338/unit (IPO price), thus costing IDR 413 billion.
After April 20, the selling pressure of GOTO shares continued to increase and every day, except April 25, the stabilization mechanism was running.
However, this scheme is only carried out for 30 days after listing. On the other hand, there are also provisions regarding the maximum limit for buying shares that can be done.
Through the stabilization scheme, GOTO only budgeted Rp 2.05 billion to buy 6,092,258,400 shares from the market.
However, on April 22, 2022, the number of shares purchased for stabilization purposes has reached 6,000,010,000 or 98.49% of the target. The costs incurred also reached Rp 2.02 billion.
Last trading yesterday (26/4/2022), CGS-CIMB Sekuritas was recorded to have purchased 6,016,827,200 GOTO shares or equivalent to 98.76% of the purchase target. The total costs incurred reached 2.03 billion.
This means that the buying capacity and stabilization of GOTO’s share price is low, with the remaining 75,431,200 shares or around Rp. 25 billion. Since the beginning of this week, GOTO’s share price has been below the IPO price for closing.
As of Wednesday (27/4/2022) at 10.43 WIB, GOTO’s share price was observed to have weakened 4.5% and was at Rp. 294/unit. That means that GOTO’s shares have weakened 13% since the IPO.
CNBC INDONESIA RESEARCH TEAM
(RCI/vap)
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