GoTo's Upcoming IPO: A Look at its Shareholders

GoTo is initiating its initial public offering (IPO) under the full name GoTo Gojek Tokopedia. GoTo will offer up to 52 billion Series A shares, or 4.35% of its shares, to the public. Who will be GoTo's shareholders after the IPO?

Generally, GoTo's shareholders are divided into those with multiple voting rights (SDHSM) and those without (non-SDHSM). SDHSM is a new regulation from the Financial Services Authority (OJK) that allows founders to have more voting rights than other shareholders, even if they hold the same number of shares.

GoTo's SDHSM holders are Andre Soelistyo (0.83% stake), Kevin Bryan Aluwi (0.75%), William Tanuwijaya (1.75%), Melissa Siska Juminto (0.42%), and PT Saham Anak Bangsa (2.25%). The first three currently serve on GoTo's Board of Directors, while William sits on the Board of Commissioners.

Meanwhile, non-SDHSM holders include Goto Peopleverse Fund (8.94%), SVF GT Subco (Singapore) Pte. Ltd. (8.62%), Taobao China Holding Limited (8.76%), and other shareholders with less than 5% ownership, totaling 62.35%. Adaro Energy CEO Garibaldi Thohir is one of the shareholders with less than 5% ownership, holding 0.09%.

GoTo also holds 0.86% in treasury shares. These treasury shares can be released if the greenshoe option is exercised.

The greenshoe option is a mechanism to stabilize the price if GoTo's share price falls below the IPO price. This option means releasing another 0.65% of shares, increasing public ownership from 4.35% to 5% if the greenshoe option is exercised.