In October, GoTo had said it was working with pre-IPO shareholders to explore a coordinated secondary offering of their shares before the lock-up expired.
While the stock has ticked lower most of the year, GoTo shares sold off after pre-IPO shareholders opted out of a secondary offering following the lock-up expiration on Nov. 30.
GoTo Group is the merged entity between Indonesia's two largest tech companies: ride-hailing giant Gojek and e-commerce marketplace Tokopedia. Early investors such as SoftBank and Alibaba had agreed to an eight-month lock-up period to support GoTo's stock price following its IPO.working with pre-IPO shareholders to explore a coordinated secondary offering of their sharesHowever, that did not work out.
The stock fell by 7% to 141 rupiah on Thursday and continued to drop in Monday trading. It was last seen trading near 123 rupiah, giving the company a valuation of about 126 trillion rupiah.
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