1 year ago
76 A GoTo logo seen displayed connected a smartphone surface and successful the background.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Indonesia's GoTo Group has mislaid 68.5% of its initial worth of 400 trillion rupiah ($28 billion) since its archetypal nationalist offering successful April.
While the banal has ticked little astir of the year, GoTo shares sold disconnected aft pre-IPO shareholders opted retired of a secondary offering pursuing the lock-up expiration connected Nov. 30.
GoTo Group is the merged entity betwixt Indonesia's 2 largest tech companies: ride-hailing elephantine Gojek and e-commerce marketplace Tokopedia. Early investors specified arsenic SoftBank and Alibaba had agreed to an eight-month lock-up play to enactment GoTo's banal terms pursuing its IPO.
In October, GoTo had said it was working with pre-IPO shareholders to research a coordinated secondary offering of their shares earlier the lock-up expired to facilitate an orderly merchantability done the negotiated market.
However, that did not enactment out. On Wednesday, the past time of the lock-up, GoTo said those pre-IPO shareholders decided to not proceed with the secondary offering.
The banal fell by 7% to 141 rupiah connected Thursday and continued to driblet successful Monday trading. It was past seen trading adjacent 123 rupiah, giving the institution a valuation of astir 126 trillion rupiah.
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Other Southeast Asian tech companies person besides seen their valuations autumn since going public. Competitor Grab has mislaid 69% of its archetypal valuation of astir $40 cardinal since its U.S. listing successful December 2021 via a peculiar intent acquisition vehicle. Indonesian e-commerce institution Bukalapak is down astir 70% from an initial valuation of $6 billion since its Jakarta IPO successful August 2021.
In November, GoTo Group reported its nine-month accumulated losses surged from 11.58 trillion rupiah a twelvemonth agone to 20.32 trillion rupiah, adjacent arsenic its third-quarter losses shrank with outgo cuts.
The radical besides announced successful the aforesaid period that it volition beryllium laying disconnected 12% of its workforce – oregon astir 3,000 jobs.
