The research conducted is directed towards how institutional and retail investors can impact GOTO’s price and valuation. Primary data collection through survey and secondary data collection is adopted which resulted in evidence of: (1) retail investors are “anti-momentum” traders where they tend to buy when the price is low and sell when the price is high, which is the case for GOTO too; (2) institutional investors’ herding behaviour only affect retail investors investment decision on GOTO to a limited extent; (3) retail investors does not act immediately upon positive sentiments, but rather wait and to their own due diligence regarding GOTO; (4) retail investors act more upon non-informational sentiments and is a liquidity provider for institutional investors; (5) retail investors see GOTO as a long term investment due to its potential business growth rather than short-term trading. This study provides evidence that in the midst of the GOTO IPO, the dynamics between retail and institutional investors could be the vital point in future valuation of GOTO. This study could be beneficial towards investors that are new to the market or rather investors who are looking to expand their knowledge regarding the growth catalyst of technology companies stock in Indonesia, namely GOTO.