Jakarta. GoTo Gojek Tokopedia, the company behind Indonesia's largest digital service platform Gojek and e-commerce company Tokopedia, has decided to extend book building period for its initial public offering by three days to give more time for its merchants and customers to subscribe to the offering, the company said in a statement on Monday.
GoTo introduced fixed shares allotment program, called 'Gotong Royong', for some of its most loyal merchants and customers as the company kicked off its Rp 17.99 trillion ($1.26 billion) IPO last week.
Under the program, the merchants and customers were guaranteed a fixed amount of shares depending on their loyalty scores in the Gojek or Tokopedia platform, should they choose to involve in the offering.
Koesoemohadiani, GoTo's corporate secretary, said during the book-building period, which was initially scheduled to take place on March 15-21, the company saw high enthusiasm from the merchants and drivers. She said that GoTo's investment invitation page had been read by 11 million times on the Gojek, Tokopedia, and GoBiz applications.
"This extension of time is expected to provide them with a longer period, considering that the fixed-allotment program is the first of its kind in the Indonesian capital market," Koesoemohadiani said.
She added that most merchants and customers needed time to understand the stock order mechanism better, consider investment decisions well, and complete the entire process of submitting initial interest.
According to the new schedule, GoTo's public offering would be on April 1-5, and its initial trade on the Indonesia Stock Exchange (IDX) would be on April 7. The company initially planned for initial shares offering on March 29-31 and began its shares trading on April 4.