Shares of the Indonesian tech giant PT GoTo Gojek Tokopedia Tbk (GOTO) have faced relentless pressure throughout the year. The latest blow comes from FTSE Russell, which has officially removed GOTO from its FTSE Global Equity Index Series (GEIS) Mid Cap category.
In its recent announcement, FTSE Russell stated that GOTO was excluded because its shares are listed on the Development Board of the Indonesia Stock Exchange (IDX). According to FTSE, this board does not meet the eligibility criteria for inclusion in the FTSE GEIS. The decision aligns with the Indonesia Index Treatment policy applied during the index review for the June 2026 period.
The FTSE Global Equity Index is a prestigious benchmark used by institutional investors worldwide to guide their investment decisions. It encompasses 19,000 public companies across large, mid, small, and micro-capitalization segments in 49 countries, including emerging markets.
Market Impact and Analyst Perspectives
Elandry Pratama, an analyst at Panin Sekuritas (Pondok Indah branch), believes that GOTO’s removal from the FTSE index adds further weight to existing market headwinds. He warned that the decision could trigger short-term passive outflows from funds that track the FTSE index.
However, Elandry remains optimistic about GOTO’s long-term prospects, citing the company’s improved fundamentals compared to previous years. He noted that investor focus has shifted from mere user growth to profitability, cost efficiency, and cash flow generation.
“As long as operational performance continues to improve, index-driven pressure is generally temporary,” Elandry told Katadata on Tuesday (June 2). He anticipates continued high volatility in the short term as funds adjust their portfolios. While downside risks remain, he believes the technical pressure should subside if no new negative catalysts emerge.
GOTO’s Journey: From Large Cap to Exclusion
GOTO first entered the FTSE GEIS in March 2023, joining the Large Cap category just 11 months after its IPO. For 18 months, the company remained a fixture in the FTSE Global Large Cap index. However, due to a decline in market capitalization, it was downgraded to the Mid Cap category during the September 2024 semi-annual review.
GOTO’s tenure in the FTSE GEIS officially concluded on June 1, 2026. The company was removed alongside other entities, including PT Trimegah Bangun Persada Tbk (NCKL), PT BUMA Internasional Grup Tbk (DOID), and PT Nusantara Sejahtera Raya Tbk (CNMA).
MSCI’s Earlier Warning Signs
Before the FTSE announcement, global index provider MSCI had already frozen all adjustments related to GOTO during its May 2026 review. MSCI cited concerns over the stock price stagnating at the gocap level (Rp 50 per share), which it noted creates liquidity issues and hinders index replication.
Analysts at Sinarmas Sekuritas highlighted that the Rp 50 price level serves as a major warning. There is a risk that GOTO could be removed from the MSCI Global Standard Index in the August 2026 evaluation, which would likely accelerate selling pressure from global institutional investors. Furthermore, there is the risk of the stock entering the Special Monitoring Board (FCA), where trading occurs without visible bid and offer queues, potentially leading to increased price volatility.
IPO History and Current Shareholder Structure
GOTO made its stock market debut on April 11, 2022, at an IPO price of Rp 338 per share. Since May 5, 2026, the stock has traded at the stagnant level of Rp 50. During its IPO, the offering was 15 times oversubscribed, attracting over 300,000 investors.
As of May 2026, GOTO’s free float stands at 71.28%. The company’s shareholder register includes a diverse mix of global and domestic strategic investors. Key shareholders with over 1% stakes include PT Saham Anak Bangsa (2.26%), SVF GT Subco (Singapore) PTE. LTD (7.65%), Taobo China Holding Limited (7.43%), and GOTO itself (2.82%).
Other notable institutional shareholders include UBS AG Hong Kong (2.68%), Google Asia Pacific PTE. LTD (2.48%), Tencent Mobility Limited (2.48%), Peak XV Partners (2.47%), Telkomsel (1.99%), and Astra International Tbk (1.56%). Individual investor William Tanuwijaya also maintains a 1.25% stake in the company, reflecting the broad range of institutional and individual interests currently monitoring GOTO’s path to recovery.
Summary
PT GoTo Gojek Tokopedia Tbk (GOTO) has been officially removed from the FTSE Global Equity Index Series (GEIS) Mid Cap category. FTSE Russell excluded the stock because it is currently listed on the Development Board of the Indonesia Stock Exchange, which does not meet the necessary eligibility criteria. This removal may trigger short-term passive outflows from institutional funds that track the index, potentially increasing market volatility for the company.
Despite the exclusion and previous concerns raised by MSCI regarding the stock’s stagnant price and liquidity, analysts remain focused on the company’s long-term operational improvements. While the stock faces ongoing pressure as it trades at the Rp 50 level, experts suggest that index-driven selling could be temporary if the company continues to prioritize profitability and cash flow. GOTO’s journey in the FTSE, which began in 2023, concluded on June 1, 2026, amid broader challenges in maintaining market capitalization and liquidity.
