PT GoTo Gojek Tokopedia, Indonesia’s largest initial public offering this year, and PT Bukalapak.com, which listed in 2021, have plunged 74% and 69%, respectively, since their first day of trade in Jakarta following widely-expected IPOs. Both companies underperformed local benchmarks and about a 30% drop in the Nasdaq 100 since the start of the year.
Global investors who put their faith in three of Southeast Asia’s high-profile tech startups are facing a grim reality that’s seen the firms lose US$51 billion ($69.06 billion) in value in the past year-and-a-half since their equity debuts.
Singapore-based ride-hailing firm Grab Holdings Ltd., which listed in New York about a year ago, has shed over 70% of its market value. It was Southeast Asia’s most valuable startup at the time it merged with Altimeter Growth Corp., the blank-check firm of Brad Gerstner’s Altimeter Capital Management. Grab lured more than US$4 billion from investors including BlackRock Inc., Fidelity International and T. Rowe Price Group Inc.
