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Indonesia's GoTo shares drop 7% after some shareholders forgo secondary offering

Reuters
Reuters
 2022-12-01

JAKARTA, Dec 1 (Reuters) - Shares in PT GoTo Gojek Tokopedia (GOTO.JK) fell nearly 7% in early trading on Thursday after Indonesia's biggest tech firm said that some of its pre-IPO shareholders had decided not to take up a secondary offering of shares at this time.

The shareholders were those who considered the proposed transaction, GoTo said in a statement on Wednesday evening without naming them.

GoTo shares, which have been declining since last week, were trading down 6.62% after the opening on Thursday at 141 rupiah a piece.

Based on its IPO prospectus, the pre-IPO shareholders include among others GoTo Peopleverse Fund at 9.35%, SVF GT Subco (Singapore) at 9.02%, Taobao China Holding at 9.16%, PT Saham Anak Bangsa at 2.35% and Garibaldi Thohir, GoTo's main commissioner, at 0.09%.

The announcement came as the eight-month lock-up period for pre-IPO shareholders expired on Wednesday.

GoTo, which raised $1.1 billion in an IPO last April, said in October that the purpose for a coordinated secondary offering of shares was to "facilitate an orderly sale through the negotiated market."

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