GoTo IPO'd at a $28B valuation — the lock-up expired and 70% was gone

Ride-hailing and payments group Gojek merged with e-commerce platform Tokopedia to form GoTo, which went public in Jakarta in April 2022 at a valuation of about 400 trillion rupiah — roughly $28 billion. Eight months later, on 30 November 2022, the IPO lock-up expired, and early shareholders met a market that had already been repricing the stock: by early December it traded near 123 rupiah, and the company had lost about 68.5% of its listing valuation.

The fall was fed by the books. Nine-month losses for 2022 had surged to 20.32 trillion rupiah from 11.58 trillion a year earlier, and in November the company cut about 12% of its workforce, some 3,000 jobs. The full-year 2022 result, reported in 2023, put the net loss at 40.4 trillion rupiah — about $2.6 billion, 56% wider than 2021 — including an 11 trillion rupiah goodwill impairment on the Gojek-Tokopedia combination itself, while revenue more than doubled to 11.3 trillion rupiah.

The merger's premium was being written down within a year of the listing: the market paid $28 billion for the combined company, and its own accounts said the combination was worth less than they had booked. Growth was real; the price was not.