Indonesia’s GoTo has lost almost 70% of its valuation since its April IPO

Since its initial public offering in April, Indonesia's GoTo Group has lost more than half of its initial value.

GoTo shares sold off after pre-IPO shareholders decided not to take part in a secondary offering after the lock-up expired.

The GoTo Group is made up of two of Indonesia's largest tech companies. The lock-up period was agreed to by SoftBank and other early investors.

GoTo said in October that it was working with pre-IPO shareholders to explore a coordinated secondary offering of their shares before the lock-up expired.

That didn't work out. Pre-IPO shareholders decided not to proceed with the secondary offering on the last day of the lock-up.

On Thursday, the stock fell to 141 rupiah and continued to fall on Monday. The company has a valuation of about 126 trillion rupiah.

The valuations of other Southeast Asian tech companies have fallen. Since listing in the U.S., competitor Grab has lost a lot of its value. Since its Jakarta IPO, the company's initial valuation has fallen by 70%.

In November, GoTo Group reported it had accumulated losses of 20.32 trillion rupiah, up from a year ago's accumulated losses of 11.86 trillion rupiah.

The group will be laying off 12% of its workforce, or around 3000 jobs.