As GoTo Group’s share price continues to fall after its stock lockup agreement ended, the company’s market value has dropped to US$6.1 billion – almost half of its regional rival Grab’s US$11.8 billion.
As of July this year, Grab had a market size of US$9.6 billion, while GoTo was at US$25.5 billion.
Photo credit: The Low Down
The Indonesian super app’s stock price has been slowly sinking on the Indonesia Stock Exchange, declining by about 7% every day since the lockup period expired on November 30.
It was reported that GoTo held discussions with its major investors, including Alibaba and SoftBank, for a US$1 billion controlled stock sale to avoid the price bleed, but the plan did not pan out.
As of writing, GoTo’s stock price stands at 93 rupiah (about US$0.006), which is down roughly 72% from its IPO price of 338 rupiah (about US$0.022).
On the Nasdaq, Grab’s share lockup period expired on May 30. Before that date, however, the firm’s major shareholders – including SoftBank, Uber, Didi, and Toyota – did not hint at selling their stakes.
That being said, Grab’s stock has since increased to US$3.06 as of writing from US$2.66 on May 31. The current price is still far from its opening price of about US$13.06.
See also: Does GoTo deserve to trade at 6x Grab’s valuation?
Currency converted from Indonesian rupiah to US dollar: US$1 = 15,590.95 rupiah
Editing by Jaclyn Tiu
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