GoTo extends IPO share offer to 600,000 gig workers

INDONESIA: GoTo, the combined holding company of Gojek and Tokopedia, is set to share the riches of its upcoming Indonesian Stock Exchange listing with its freelance and gig economy workers.

Each of its 600,000 drivers will receive thousands of shares, as part of the USD 1.1 billion initial public offering (IPO). GoTo will be the first major sharing-economy firm in Southeast Asia to include gig workers in its IPO share distribution.

CEO Andre Soelistyo said the move acknowledges the role drivers have had in the company’s success. “This is something we’ve wanted to do since the beginning,” he noted, adding that all full-time employees also received equity under the program.

Registered drivers who joined with the ride-hailing and delivery app between 2010 and 2016 will receive 4,000 GoTo shares, worth USD 94 each. Those who joined between 2017 and February 2022 will get 1,000 shares as part of a total base of over USD 20 million allocated for drivers.

GoTo’s drivers, who are not regular employees but classified as independent contractors, may opt to hold the stocks or cash them out following the set eight-month initial lockup period.

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