A COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE OF PT GOTO GOJEK TOKOPEDIA TBK IN THE PRE-IPO (2021) AND POST-IPO (2022–2024) PERIODS: EVALUATING LIQUIDITY AND SOLVENCY DYNAMICS IN THE DIGITAL PLATFORM ECONOMY

Abstract

This study investigates the comparative financial performance of Southeast Asia's leading digital platform conglomerate, PT GoTo Gojek Tokopedia Tbk, spanning the pre-Initial Public Offering (pre-IPO, 2021) and post-Initial Public Offering (post-IPO, 2022–2024) periods. Amid persistent multi-trillion rupiah annual net losses following the monumental 2021 Gojek-Tokopedia merger, this research critically assesses whether going public on the Indonesia Stock Exchange (IDX) fundamentally altered the company's liquidity and solvency structures. Utilizing a quantitative comparative design based on audited consolidated annual financial statements, financial performance was evaluated via liquidity metrics (Current Ratio [CR] and Quick Ratio [QR]) and solvency metrics (Debt to Asset Ratio [DAR] and Debt to Equity Ratio [DER]). Due to non-normal data distributions confirmed via the Shapiro-Wilk test (p = 0.026 pre-IPO; p = 0.039 post-IPO), the non-parametric Wilcoxon Signed-Rank Test was employed for hypothesis testing. Empirical calculations reveal a consistent decline in liquidity ratios from the pre-IPO baseline (CR = 2.93x; QR = 2.92x in 2021) to lower post-IPO levels (CR = 2.62x; QR = 2.61x in 2024; Mean CR = 2.7450x, Mean QR = 2.7350x), driven by operational cash burn and current asset depletion from IDR 36.3 trillion to IDR 26.2 trillion. Conversely, solvency ratios exhibited marked increases post-IPO (DAR rising from 0.10 to 0.29; DER escalating from 0.11 to 0.42; peaking at DER = 0.51 in 2023; Mean DAR = 0.2075, Mean DER = 0.2925), triggered by cumulative retained loss amortization that eroded total equity from IDR 139.0 trillion in 2021 to IDR 30.1 trillion in 2024. Nonetheless, the Wilcoxon Signed-Rank Test yielded a test statistic of Z = -0.736 with an Asymptotic Significance (2-tailed) of p = 0.461 (> 0.05), failing to reject the null hypothesis. These findings demonstrate that going public did not produce a statistically significant structural transformation in GoTo's financial performance in the short-to-medium term. Rather than immediately strengthening operating liquidity or solvency fundamentals, IPO proceeds functioned primarily as capital expenditure reserves to absorb sustained operational cash burn and finance business ecosystem expansion. Consequently, tech conglomerates transitioning from private venture-backed growth to public market scrutiny require aggressive operational rationalization and path-to-profitability governance to safeguard long-term shareholder equity.