Here's GoTo Group! GoTo's shares have sunken to a new record low! And no, it's not a good time for that. Here's why.

• The stock fell by 6.6% to 141 IDR ($0.009), which is near the daily limit.
• It's down 58% since their IPO price of 338 IDR ($0.22).
• Their market value has shrunk to around $10.7B.

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🧠 The context

They IPO-ed in April. Early investors like Alibaba and SoftBank agreed to an eight-month lockup that expired two days ago (November 30).

• They raised $1.1B and were of the year's largest IPOs.
• Now, about 1T GoTo shares (over 90% of total outstanding shares) can be sold.
• Holders include Alibaba and SoftBank (who own around 9% of GoTo Each) and even GoTo's employee fund.

Why the lockup? It supports the share price post-IPO since it restricts these early backers from selling their shares.

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🧐 What now?

Oh, and GoTo also tried to make arrangements (aka, controlled stake sales) to avoid a big selloff and price drop at once after the lockup period ended.

• The plans didn't work! Shareholders that considered selling have decided not to sell right now.

Why? We hear that the potential buyers disagreed on a price!

• Some holders are waiting to wait for a recovery in the stock price before selling.
• Falling prices of tech stocks make it tough, and if you know the price right now is low, potential new investors are asking for up to 30% lower prices than the current price 🥲.