GoTo weighs coordinated secondary offering of shares held by pre-IPO investors

GoTo weighs coordinated secondary offering of shares held by pre-IPO investors

Photo: GoTo

Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia Tbk is exploring a coordinated secondary offering of shares held by pre-IPO shareholders after a lock-up period ends late next month, the company said on Monday.

It said it would not issue or sell new shares, so there would be no dilution of GoTo‘s shares. The lock-up period officially ends on Nov. 30, it said in a statement.

It said the purpose was to “facilitate an orderly sale through the negotiated market.”

Based on its IPO prospectus, the pre-IPO shareholders include among others GoTo Peopleverse Fund at 9.35%, SVF GT Subco (Singapore) at 9.02%, Taobao China Holding at 9.16%, PT Saham Anak Bangsa at 2.35% and Garibaldi Thohir, GoTo‘s main commissioner, at 0.09%.

The remaining shares are held by some of GoTo‘s executives and shareholders, each with ownership of less than 5%.

Shares of GoTo closed at 190 each on Monday, a drop of 5%. GoTo debuted on April this year, raising $1.1 billion in an IPO by selling around 4% of its shares at 338 rupiah each.

Reuters

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