Adia-backed GoTo allocates $20m in shares to drivers before $1.1bn IPO

Adia-backed GoTo allocates $20m in shares to drivers before $1.1bn IPO

Indonesia's biggest technology company GoTo, which is backed by the Abu Dhabi Investment Authority, is allocating more than $20 million in shares to its driver-partners before its $1.1 billion initial public offering.

The driver-partners of Indonesia’s most valuable start-up, will receive the share grant under the Gotong Royong Share Programme, the company said on Monday.

GoTo Group, which went ahead with the listing plans despite global equities market volatility, last week priced its shares in the top half of its indicative IPO range. It will be one of Asia's biggest IPOs so far this year when it lists on the Indonesia Stock Exchange and the third largest in the region in 2022 after LG Energy Solution and Jinko Solar.

Almost all driver-partners in Indonesia – including GoRide, GoCar, GoSend, GoFood and GoBox – will have the opportunity to participate in IPO programme. The eligibility criteria are based on factors, including service category, the length of time they have been registered as a partner, and the driver-partner's active status, the company said.