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GoTo to buy back shares worth $200m amid plunging stock price
The announcement comes as the tech giant’s stock price is down 16 percent year-to-date and 79 percent from the 2022 initial public offering (IPO) price.
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A group of Gojek driver partners are pictured riding Electrum electric motorcycles. (GoTo/Henry)
Publicly listed tech company GoTo Gojek Tokopedia has announced a plan to buy back up to US$200 million of its own shares.
The announcement comes as the tech giant’s stock trades at around a fifth of the 2022 initial public offering (IPO) price.
The share buyback, which is subject to approval from shareholders and regulators, comes as GoTo announced its fourth-quarter and full-year 2023 financial results on Tuesday.
The company emphasized its improving cash flow position with Rp 24 trillion (US$1.5 billion) in cash and cash equivalents at the end of 2023. The funds allocated for the buyback represent roughly 12.5 percent of this readily available capital.
For the fourth quarter of 2023, the company reported a 26 percent year-on-year (yoy) increase in net revenue to Rp 4.2 trillion, while its gross transaction value (GTV) saw a modest 1 percent yoy increase to Rp 163 trillion, marking the second consecutive quarter of growth, according to GoTo’s report.
Over the full year of 2023, GoTo’s net revenue climbed 30.28 percent to Rp 14.78 trillion, while its GTV hit Rp 639 trillion.
Read also: GoTo closer to profitability after letting go of Tokopedia
