Shares of Indonesia Tech Firm GoTo Slide to IPO Price Level

EMITEN - JAKARTA. Shares of Indonesia's largest tech firm PT GoTo Gojek Tokopedia Tbk closed 5.59% lower at 338 rupiah per share on Wednesday, returning to its IPO price and triggering a stabilisation measure on its seventh day trading.

GoTo had risen as much as 1.67% earlier on Wednesday before erasing its gain. The firm debuted last week after raising $1.1 billion in the world's fifth-largest initial public offering this year, selling only 4% of its shares.

GoTo had put in a place a scheme to avoid a big drop in its share price during its debut month.

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PT CGS-CIMB Sekuritas Indonesia was appointed as "stabilisation agent" to buy up shares from the market should the price hit the IPO level of 338 rupiah or below.

GoTo reported in a stock exchange filing that the stabilisation measure was triggered on Wednesday. A total 1.22 billion shares were bought at 338 rupiah, according to data by brokerage house CGS-CIMB Sekuritas, which was attached to the filing.

The greenshoe option was set for a maximum 6.09 billion shares, according to GoTo's IPO prospectus.