(Bloomberg) -- Shares of GoTo Group plunged to a record low as a lock-up on its major shareholders’ stakes neared expiry, suggesting investors are expecting some of them to reduce their holdings.

The stock fell as much as 6.8% in Jakarta trading and headed for its eighth straight daily drop, leaving it down 55% since its initial public offering in late March. Indonesia’s largest tech company now has a market value of about $11 billion.

Early backers such as Alibaba Group Holding Ltd. and SoftBank Group Corp. agreed to an eight-month lock-up expiring Nov. 30 to support the stock price following the IPO. GoTo has been trying to avoid a situation where a large part of the backers would seek to cash out at the same time, attempting a novel plan to find buyers for controlled sales of their stakes.

Yet on a conference call last week, Chief Executive Officer Andre Soelistyo said that there were no assurances that such a controlled share sale will take place.

About 1 trillion GoTo shares, or more than 90% of the total outstanding, are becoming eligible to be sold. Still, that includes holders such as GoTo’s employee fund that are unlikely to sell. Alibaba and SoftBank each own about 9% of GoTo.

Formed via a merger of ride-hailing provider Gojek and e-commerce firm Tokopedia, GoTo raised $1.1 billion in one of this year’s largest IPOs. The share sale boosted the value of stakes of China’s Alibaba and SoftBank’s Vision Fund to almost $5 billion combined.

In late June, Chinese artificial intelligence software maker SenseTime Group Inc. slumped as much as 51% in Hong Kong trading after a lock-up of its shares expired following its December IPO.

--With assistance from Yoolim Lee.

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