Jakarta, CNBC Indonesia – Retail investors who order shares of PT Gojek Tokopedia GoTo in the primary market are waiting for the certainty of the number of shares that will be obtained from the allotment of the initial public offering (IPO). Today is the deadline for the allotment process for GoTo’s IPO shares.
Retail investors who order these shares hope to get a share in accordance with the number of orders that have been submitted. The hope is that after being transacted on the secondary market, GoTo’s shares can go up high.
One of the retail investors, Meylan Siagian, a private employee in Jakarta, ordered 100 lots of GoTo shares. With a capital of IDR 3,380,000, this woman hopes to get 10,000 GoTo shares.
“Hopefully I can get everything and skyrocket (after being traded in the secondary market),” said the woman who has been active as a stock investor for almost a year.
The same thing was expressed by Meli Purba, a private employee domiciled in Bandung City, West Java, who admitted to ordering 40 lots of GoTo shares during the offering period.
He also hopes to get an allocation of 40 lots, on order. This woman will hold GoTo shares as her investment portfolio for two years.
In accordance with the GoTo IPO schedule, the allotment of PT Gojek Tokopedia GoTo Tbk shares will end today. Investors will know the number of shares that will be received from the initial public offering (IPO) process today,
As is known, the IPO share price has been set at the upper limit of the range, which is 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 will take place from 1 – 7 April 2022 and listing on the IDX Main Board with the stock code GOTO is scheduled for 11 April 2022.
Indo Premier Sekuritas President Director Moleonoto The said, as the implementing underwriter, the GoTo share price was offered at a price range of Rp 314-Rp 346 to ensure the price per share could be affordable by the wider community, including users, merchants and partners.
Andre Soelistyo, President Director/CEO/Co-Founder of PT GoTo Gojek Tokopedia Tbk said that the goal of the GoTo Group is to expand the reach of GoTo’s IPO for the common good.
Therefore, his party has prepared a Gotong Royong stock program that can be owned by partners, both drivers and merchants, consumers, as well as permanent employees of the GoTo Group.
“This program is special for us, it has become a dream to facilitate all stakeholders who build GoJek and participating GoTo, intended for partners, MSME merchants, loyal consumers, and employees,” explained Andre.
Andre also explained that this mechanism has been discussed with the Financial Services Authority (OJK), and the details will be notified later.
Managing Director Investment Banking of PT Trimegah Sekuritas Indonesia Tbk (TRIM) David Agus said the nominal value of GoTo’s shares is smaller than the IPO price of PT Bukalapak TBk (BUKA), but cannot be compared on a per share basis.
“Of course, we have considered this price range with various things. This valuation has been carefully considered and reflects the strength and fundamentals of GoTo’s business. Second, as with other share purchases, the focus of investors should be on future prospects,” said David.
“What is more relevant, maybe we look at the overall share value of the company. Because the share price is determined by the nominal value, the number of shares issued, and there are many other explanations that would be too many to discuss one by one,” said David, who is also the underwriter of the shares. GoTo.
GoTo’s IPO shares are said to have received a positive response from investors in Indonesia. This can be seen from the increasing number of IPO participants during the GoTo IPO book building period.
One of the reasons for the increase in the number of participants was the President Director of PT Stockbit Sekuritas Digital Megawati Andrew Soewardi. He said, Stockbit users enthusiastically welcomed GoTo’s corporate action, which is planned to be officially listed on the stock exchange next week.
“As a platform that provides e-IPO features for its users, Stockbit has facilitated the IPO process of several companies before, where users can be said to be quite enthusiastic. The increase in the number of users of the e-IPO feature has also increased from time to time,” Megawati told CNBC Indonesia. , Monday (4/4/2022).
According to him, investor participation in the initial GoTo IPO offering period was higher than the previous book building period. The increase in participation even reached 600%.
“When compared to the average number of users who participated in the book building period of other companies previously, the number of users who participated in the book building period of PT GoTo Gojek Tokopedia Tbk. rose significantly at 600%,” he said.
Stockbit believes that the increase in the number of investors participating in the initial offering period will also occur due to the introduction of the e-IPO feature. In the future, the existence of the e-IPO feature is expected to bring more investors to participate in the company’s IPO.
“With all stages of the e-IPO that can be directly monitored on the Stockbit application without having to switch applications and the process is 100% online, this is our commitment to opening and expanding Indonesian people’s access to the capital market,” he said.
On a separate occasion, Samuel Sekuritas’ Head of Research, Suria Dharma, said that technology stocks are starting to attract investors’ enthusiasm. This interest began to appear since last year.
GoTo’s plan to enter the exchange, although with a smaller IPO value, but in terms of market cap is very large. GoTo offered 46.7 billion series A shares at a price of Rp. 338/share, which means the total funds obtained reached Rp. 15.8 trillion, still lower than BUKA.
However, in terms of valuation at the time of the IPO, GoTo’s market capitalization value was much larger, reaching Rp. 400.3 trillion, while BUKA at that time was only around Rp. 87 trillion. This is also closely related to the different state of the two startups.
“So in the future GoTo will become a benchmark for other technology stocks. If it succeeds, of course, more people will be interested in technology stocks,” Suria told CNBC Indonesia last week.
With the current market capitalization position or market cap, GoTo’s market cap can already enter the ranks of market caps above Rp 100 trillion, aka big cap. GoTo’s market cap has surpassed PT Bank Mandiri Tbk (BMRI) which is currently around Rp 364 billion. “If the price goes up after the IPO, then GoTo’s market cap will be even bigger,” added Suria.
(hps/dru)
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