GOTO Group, the largest technology company in Indonesia, is negotiating with major shareholders such as Alibaba and SoftBank.The stock market collapse occurred during the expiration.
According to an anonymous insider quoted by Bloomberg, GOTO Group is evaluating whether early investors including Alibaba Group and SoftBank Group are interested in selling some shares to new investors under management.These people said that the plan was to prevent many investors from selling stocks at the time of lock -up on November 30, causing GOTO's stock price to collapse.
A person familiar with the name of the name said that GOTO Group also discussed with some investors, hoping that they promised to continue to hold their holdings for up to 6 months.
People familiar with the matter also emphasized that GOTO is currently in the early stages of negotiation with investors. The price level of the transaction needs to be negotiated. The review is also underway, and no final decision has been made.
Earlier, China ’s artificial intelligence software manufacturing business Tang Technology Group opened its first public fundraising to expire at the end of June this year, its stocks listed in Hong Kong once plummeted 51%.It is reported that GOTO, a market value of about $ 15 billion, is trying to avoid most of these investors seeking cash withdrawal at the same time.
After the first public fundraising of GOTO Group in March, many major shareholders agreed to hold at least eight months.After the lock -up period expires on November 30, about 1 trillion GOTO shares will be sold, accounting for more than 90%of the total number of issued shares.Among them, Alibaba holds about 8.8%of GOTO, while SoftBank holds about 8.7%of the shares.
People familiar with the matter said that GOTO has hired Citi Group and Goldman Sachs Group and local advisors to help manage the selling problems that may occur in existing shareholders.Representatives of GOTO, Citi Group, Goldman Sachs and SoftBank refused to comment, and Alibaba did not reply to Bloomberg's comment request.
GOTO Group is merged by the online car service provider Gojek and e -commerce company TOKOPEDIA. Earlier, it raised $ 1.1 billion through one of the largest public offers this year.After its stock price rose sharply after its listing, the increase has narrowed, and it is currently about 40%lower than the issuance price.However, as global technology stocks fall this year, cash out after the expiration date of the lock -up period may boost many investors.
As of press time, GOTO's stock price has not fluctuated sharply, and reports to the 208 Indonesian Shield (about S $ 0.02) per share, with a small rise of 0.97%.
