The Greenshoe in GOTO’s stock is currently out of stock. PT GoTo Gojek Tokopedia Tbk (GOTO) has used 100 percent greenshoe to maintain stock prices.
Greenshoe is a mechanism used by issuers to stabilize stock prices. However, after conducting an Initial Public Offering (IPO).
Now, companies are free to choose a broker who becomes their stock stabilization agent for a period of 30 days from being on the Indonesia Stock Exchange (IDX).
During this time, a stabilization agent has the opportunity to buy GoTo shares at any price. It even reached a maximum IPO price of around Rp. 338 per share.
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Greenshoe in GOTO Stock
Recently, the term greenshoe scheme has often been circulated among Indonesian investors.
This follows news that the joint technology company Gojek and Tokopedia or GoTo officially made its share offering last week.
They don’t just want fresh funds through stock distribution on the Indonesia Stock Exchange. GoTo is also trying to keep investor funds from collapsing.
Moreover, the decacorn will officially IPO next month. As a result, the prospective issuer will use a stock price stabilization scheme called the greenshoe scheme.
Decacorn looks identical to the green color, will release as many as 52 billion shares in the form of new shares. This is equivalent to 4.3% of the company’s total capital.
Then through this greenshoe scheme, there are 15% or 7.8 billion of GoTo shares which can help stabilize the share price. The total shares of GoTo that will be circulated in the community will reach 59.8 billion shares.
Also Read: Buy GoTo Shares During Listing April 2022? Here’s the Easy Way!
Efforts to Stabilize Stock Prices
GoTo itself has appointed PT CGS-CIMB Sekuritas Indonesia as its share price stabilization agent.
In connection with the price stabilization activity in the context of the initial public offering of GoTo Gojek Tokopedia shares. Through a letter will submit a transaction report as of April 27, 2022.
CGS-CIMB has purchased 75 million shares with an average price of Rp 293 per share. Previously, there had been a purchase of 16 million shares by CGS-CIMB at Rp 310 per share.
As a result, the allocation of shares in the greenshoe scheme has reached 100 percent by agents.
This greenshoe action has actually happened five times. Starting April 20 with the purchase of 1.2 billion shares.
Meanwhile, April 21 had 1.3 billion shares and April 22 had 3.4 billion shares. In fact, on April 26 there were 16 million shares, until April 27, there were 75 million shares.
Quoting RTI Business, GoTo’s share price fell drastically 6.45 percent from Rp. 310 per share to Rp. 290 per share.
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In fact, its share price fell by 22.87 percent from Rp 376 per share to Rp 290 per share. The decline in stock prices since the initial public offering on Monday (11/4).
Therefore, the company is free to choose a broker who will be a stock stabilization agent.
The chosen price stabilization agent that will help GOTO is CGS-CIMB Sekuritas. Because the greenshoe in GOTO shares has been used up to 100 percent.