For SE Asian giants, the focus is back on fundamentals amid tech selloff

Photo by Maxim Hopman on Unsplash.

It has been more than a month since Indonesian technology major GoTo’s public market outing after it raised $1.1 billion on the domestic stock exchange in a widely anticipated IPO. GoTo’s shares, which surged as much as 23% on its market debut, have tanked over the subsequent few weeks. 

GoTo’s shares hit their lowest price of 194 rupiah on May 13, down by roughly 42% of its IPO price of 338 rupiah apiece. Shares of the company closed at 304 rupiah apiece on Friday, which implies a 10% stake with a market value of 36 trillion rupiah ($2.45 billion).

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