Shares of PT GoTo Gojek Tokopedia Tbk (popularly GoTo) fell 6.45% — the maximum permissible fall — to 290 rupiah on the Indonesia Stock Exchange (IDX) in early trade on Wednesday. Trading in the stock was suspended for the day after it hit the lower circuit.
Separately, a filing to the IDX showed that the company has exhausted its greenshoe option, after the 6.09 billion shares allocated under the price-stabilisation scheme were sold out.
The IDX technology index (IDXTECHNO) fell 0.07% on Wednesday, while the IDX composite index shed 0.49%.
GoTo had debuted on April 11 after it raised $1.1 billion in a widely-anticipated IPO. Its shares had soared 23% on listing day to as much as 416 rupiah apiece, versus the offer price of 338 rupiah per share.
However, GoTo shares have faced selling pressure since then.
