GoTo’s stock price was depressed by 6.45% to Rp87 per share. This share price shrunk by 74.26% during the trading period on Monday.
Heaptalk, Jakarta — After performing the company’s incidental public expose last Thursday (08/12), a stock of PT GoTo Gojek Tokopedia Tbk (GOTO) continues to experience Auto Rejection Lower (ARB) for eleven days in a row until the trading duration on Monday (12/12).
During the trading period on Monday, GoTo’s share price was depressed by 6.45% to Rp87 per share. This stock price has shrunk by 74.26% from the initial public offering price of Rp338 per share.
Nevertheless, in response to this significant contraction, Indonesia Stock Exchange (IDX) is still monitoring the stock price movements of GOTO to conduct several strategic evaluations, yet has not determined to take a suspension consideration toward the company’s stock.
As conveyed by the Director of Company Valuation of the Indonesia Stock Exchange, I Gede Nyoman Yetna, affirm to prevail suspension endeavor toward GOTO’s stock. However, IDX’s parties will continue to oversee the stock price movement aligned with the stock exchange principle to evaluate the shares with transaction volatility.
“Related to trading suspension associated with transaction volatility, we convey that the Exchange constantly evaluates trading of listed securities. Also, we have contemplated the company’s condition, the disclosure of information submitted, and overall market conditions,” Nyoman said in a statement.
Previously, IDX has requested further explanation of the company due to incisive stock price fluctuations. Besides, the stock change authority has advised Indonesia’s decacorn company to deliver the current situation devoted to the stockholders through the Incidental Public Expose agenda.
Furthermore, Nyoman has also revealed that the share value movement reflects the market mechanism. According to his statement, the exchange actions on the stock price movement of a listed company will be determined when an impropriety indication exists from the movement of the shares.
As information, the issue of GOTO’goto’s share price diminution significantly occurred after the company ended the company’s stock lock-up period. This giant technology company has implemented a lock-up mechanism for pre-IPO shareholders for eight months ending on November 30th, 2022. As a result, the restricted shares can be traded freely on the IDX, effective on December 1st, 2022, with a stock amount of 1,13 billion shares that will be traded.
Meanwhile, GOTO’s share weight to the Jakarta Composite Index (JCI) as of December 9 has shown 2.75%. As an effect, if GOTO’s shares fell by 7% only in a day, the JCI value would only fall by 0.175%.
According to the trading data on Tuesday (12/13), GOTO stock price has rebounded with an enhancement of 19.54%, becoming Rp105 per share. This result has been transacted with a stock volume of 15.43 billion, with a transaction value worth Rp1.42 trillion. As a result, the market capitalization of GoTo has uplifted, worth Rp124.36 trillion.
