GoTo's shares are set for a major impact following the Indonesian Stock Exchange's new regulation, effective September 28, 2026, which sets a minimum share price of Rp 1, a significant shift from the previous Rp 50 minimum. This change is expected to immediately affect GoTo, which has been trading at the Rp 50 floor since May 2026, indicating sustained selling pressure. The anticipation of this rule change has already caused considerable activity, including a substantial sell queue of 392.50 million lots for GoTo on September 23, 2026.
Amidst the selling pressure, foreign institutional investor Morgan Stanley & Co International PLC notably acquired 400 million GoTo shares through the negotiation market on September 18, 2026, at Rp 27 per share, signaling a long-term conviction despite immediate market turbulence. This purchase increased Morgan Stanley's ownership to 7.02% or 80.93 billion shares. Earlier, on September 2, 2026, Morgan Stanley also bought 21.92 billion GoTo shares at Rp 25 per share, bringing their total ownership at that time to about 7.59% or 87.48 billion shares.
Muhammad Thoriq Fadilla, a Research Analyst at Bumiputera Sekuritas, projects that GoTo's stock will likely remain under pressure and experience high volatility in the short term. However, he emphasizes that the rule change does not automatically categorize GoTo as a "penny stock." Thoriq highlights several strong fundamental aspects, including a substantial market capitalization, high liquidity, and a solid base of institutional investors. GoTo's financial performance shows improvement, with net revenue for the first half of 2026 growing by 28% year-on-year to Rp 10.99 trillion, and adjusted EBITDA surging by 134% to Rp 1.92 trillion.
Investors who bought GoTo shares at the IPO price of Rp 338 face a challenging situation, as their investment has fallen by approximately 85% with the stock at Rp 50. For these shares to return to their IPO level, they would need an increase of 576%. Thoriq advises these investors to base decisions on fundamental business prospects and risk tolerance, not just the original purchase price. Telkomsel, a strategic partner, holds 23.72 billion GoTo shares at an average acquisition cost of Rp 270 per share. At a hypothetical price of Rp 50 per share, Telkomsel's stake would be valued at Rp 1.19 trillion, a significant unrealized loss compared to its Rp 6.40 trillion acquisition value.
