GoTo Group’s post-IPO stock selloff makes it the worst performer among the other 11 companies that raised $500 million in inaugural share sales this year in the tech and internet segment. It is a provider of food delivery services to fintech solutions
The Indonesia-based startup is failing for a 10th straight session, taking losses since listing to 61%. According to the reports, the recent downfall was triggered due to the fear of losing the backing of Alibaba Group Holding and SoftBank Group.
According to the reports GoTo Officers Planned to facilitate a controlled stake sale by Pre-IPO backers, attempting to avoid a plunge in price but the proposal did not resulted positively