GOTO Stocks Slumps After Coordinated Secondary Offering Scrapped

The management of PT GoTo Gojek Tokopedia Tbk (GOTO) reported that the pre-initial public offering (pre-IPO) investors would scrap the plan to carry out the coordinated secondary offering towards the end of the lock-up period. Initially, it was aimed to facilitate the sale and purchase of shares through a negotiated market.

"The company said that the pre-IPO shareholders considering the proposed transaction have now decided not to proceed with the coordinated secondary offering plan," GOTO corporate secretary R.A. Koesoemohadiani said in an information disclosure on Wednesday. GOTO stock slumped to lower auto rejection (ARB) levels in Thursday trading. GOTO shares closed at Rp 141, down 6.62 percent after the lock-up period ended yesterday. GOTO share prices were down 66.27 percent compared to the initial public offering (IPO) price of Rp 338 per share in April 2022.

Once the lock-up period ended, many investors tried to sell GOTO shares with a total volume of 20.1 billion. At a price of Rp 141 per share, the total selling queue value reached Rp 2.8 trillion. Quoting RTI data, the volume of shares successfully traded until the close of trading today was recorded at 461.8 million shares worth Rp 65.1 billion. Compared to the total number of shares investors wanted to sell, only two percent of the shares were sold.