TEMPO.CO, Jakarta - Hans Patuwo, director of PT GoTo Gojek Tokopedia Tbk (IDX: GOTO) said there were at least three factors affecting the company's operating performances and caused GOTO's share price to continue falling since the end of November. The three factors are macroeconomic conditions, capital markets and competition.

"For over two years the business world has experienced challenges triggered by the Covid-19 pandemic. And now, we are facing geopolitical conditions, economic uncertainties, and a capital market that is affecting customer confidence," Hans said during the company's public expose that was held virtually on Thursday, December 8.

Amidst today's uncertainties, he admits that GOTO is not immune. However, he said the company will continue to progress and is committed to growing sustainably.

Meanwhile, the group president of Goto Gojek Tokopedia Patrick Cao said that stock price fluctuations are common among public companies as it is part of the market mechanism—influenced by various factors.

GoTo held an IPO in April this year and GOTO's lock-up period ended on November 30. Since then, the tech giant's shares have continued to come under pressure, hitting its auto rejection lower limit or ARB.

With the end of the lock-up period, Patrick said, the number of GOTO's floating shares increases, causing the trading frequency to rise. "This is caused by several things, including profit taking from first investors who bought at a low price, the end of fund life for financial investors, and the need for liquidity at the end of the year," he said.

Patrick said that it is normal for shareowners to seek liquidity after the end of a lock-up, especially if they are the issuer's early-stage investors.

"Although we cannot speak on behalf of investors, we generally believe they continue to fundamentally trust GOTO's future business potentials," he remarked.

GOTO price on the IDX trade floor continues to plummet. In Thursday's trade, December 8, GOTO closed 6.54 percent down to a new low of Rp100 per share, far below its IPO price of Rp338 per share.

Riri Rahayu

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