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{"id":21921,"date":"2022-12-07T17:40:50","date_gmt":"2022-12-07T12:10:50","guid":{"rendered":"https:\/\/thecorporatemagazine.com\/?p=21921"},"modified":"2022-12-20T11:29:25","modified_gmt":"2022-12-20T05:59:25","slug":"indonesias-goto-is-losing-nearly-70-of-its-valuation-since-its-ipo-in-april","status":"publish","type":"post","link":"https:\/\/thecorporatemagazine.com\/indonesias-goto-is-losing-nearly-70-of-its-valuation-since-its-ipo-in-april\/","title":{"rendered":"Indonesia\u2019s GoTo is losing nearly 70% of its valuation since its IPO in April"},"content":{"rendered":"\t\t

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Indonesia\u2019s GoTo is losing nearly 70% of its valuation since its IPO in April<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t $\"Indonesia\u2019s$ \t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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December 7, 2022: -Indonesia\u2019s GoTo Group is yielding 68.5% of its starting value of nearly $28 billion since its starting public in April.<\/p>
While the stock has decreased this year, GoTo shares sold off following pre-IPO shareholders opted out of a second offer that followed the lock-up expiration on November 30.<\/p>
GoTo Group is the merged entity amid Indonesia’s two most prominent tech firms: ride-hailing Gojek and e-commerce marketplace Tokopedia. Early investors such as SoftBank and Alibaba had agreed to an eight-month lock-up period to help GoTo\u2019s stock price following its IPO.<\/p>
In October, GoTo had said to work with pre-IPO shareholders to explore a coordinated secondary offering of their shares before the lock-up expires, to facilitate a sale through the market which negotiates.<\/p>
Therefore, that did not work out. On Wednesday, the previous day of the lock-up, GoTo stated those pre-IPO shareholders confirming not to proceed with the secondary offering.<\/p>
The stock fell by 7% to 141 rupiahs on Thursday and continued to drop in Monday trading. It was previously seen trading near 123 rupiahs, giving the company a nearly 126 trillion rupiahs valuation.<\/p>
It\u2019s been a bad year for tech. But top investor Paul Meeks is betting on these bright spots.<\/p>
Other Southeast Asian tech firms have also seen their valuations fall since going public. Competitor Grab is losing 69% of its initial valuation of about $40 billion since its U.S. listing in December 2021 via a particular purpose acquisition vehicle. Indonesian e-commerce company Bukalapak is down about 70% from an initial valuation of $6 billion since its Jakarta IPO in August 2021.\u00a0<\/p>
In November, GoTo Group reported its nine-month accumulated losses surged from 11.58 trillion rupiahs a year ago to 20.32 trillion rupiahs, even as its third-quarter losses shrank with cost cuts.<\/p>
The group also announced in the same month that it would be laying off 12% of its workforce, or about 3,000 jobs.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t Next<\/span>Kazino Va Rasmiy Saytning Xususiyatlari!<\/tg<\/span><\/span>