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

JAKARTA : Shares in PT GoTo Gojek Tokopedia fell nearly 7 per cent 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 per cent 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 per cent, SVF GT Subco (Singapore) at 9.02 per cent, Taobao China Holding at 9.16 per cent, PT Saham Anak Bangsa at 2.35 per cent and Garibaldi Thohir, GoTo’s main commissioner, at 0.09 per cent.

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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