GoTo Group’s post-IPO stock selloff makes it the worst performer among 11 tech and internet companies that raised more than US$500 million in inaugural share sales this year.
Shares of the Indonesian startup provider of food delivery services to fintech solutions are falling for a 10th straight session, taking losses since listing to 61%. The recent slide was triggered by fears that backers such as Alibaba Group Holding Ltd. and SoftBank Group Corp. would sell stakes when a lock-up period ended this week. The stock has tumbled by the most allowed by the exchange every day this week.
