GoTo, Bukalapak, and Grab fell this year due to a technical crisis.

Since their launch, three of Southeast Asia’s most well-known tech listings have lost a combined $51 billion in market value due to the global decline in IT stocks.

GoTo, Bukalapak, and Grab have lost more than 65% of their value since going public. The businesses have also underperformed regional benchmarks and are down roughly 30% on the Nasdaq 100 since the year’s beginning.

Investors concerned about high valuations and profitability

Investors are beginning to doubt the high valuation and viability of the region’s IT stocks, which are also joining the downturn that has affected newly listed Indian businesses.

The three companies gave investors access to Southeast Asia’s burgeoning e-commerce industry at a time when investors were still eager to buy growth stocks, but as interest rates rise globally and recession risks increase, tech stocks are under pressure.

There are concerns that early investors will cut back on their holdings after the first lockup periods are over. For example, GoTo lost approximately 60% of its market value in the past month as a result of the big shareholders’ lockup term expiring.

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