GoTo Founder's Shares Ownership Locked for Two Years

PT GoTo Gojek Tokopedia Tbk (GOTO), the largest digital ecosystem in Indonesia, has started the initial public offering (IPO) process on the Indonesia Stock Exchange. The technology company became the first company to implement the rules on shares with multiple voting rights (SDHSM) or multiple voting shares (MVS).

In the GOTO IPO prospectus, shareholders who are the founders of GoTo are prohibited from transferring part or all of their ownership of Series B shares for two years from the effective date. This is in accordance with Article 6 point (1) of the Regulation of the Financial Services Authority (POJK) Number 22/POJK.04/2021. They are:

Shareholders	Number of Series B Shares	Ownership
Andre Soelistyo	6,734,025,100	0.49%
Kevin Bryan Aluwi	3,272,789,432	0.24%
William Tanuwijaya	12,588,634, 432	0.92%
Melissa Siska Juminto	1,087,292,195	0.08%
PT Saham Anak Bangsa	26,888,988,841	1.97%

Source: GoTo Prospectus

This provision is to ensure shareholders who own MVS maintain their commitment to the growth and future of the company. This regulation also shows that an IPO is not an exit strategy for existing shareholders in innovation-based technology companies such as GoTo.