GoTo allocates shares worth $22m to its drivers in Indonesia

GoTo Group said it will allocate around 920 million series A shares to its driver partners under a program called Gotong Royong Share. Using the price the company set for its IPO – which is 338 rupiah (around US$0.024) – the total allocation will be worth 310 billion rupiah (around US$22 million).

Gojek drivers / Photo credit: Gojek

According to a statement, each Indonesian driver registered between the company’s inception in 2010 to December 2016 can get 4,000 GoTo series A shares, while drivers registered between January 2017 and February 2022 can get 1,000 shares. The value of the respective share allocations will total around 1.4 million rupiah (around US$98) and 338 thousand rupiah (around US$24), respectively.

However, to receive the shares, GoTo’s drivers will have to wait until the end of an eight-month lock-up period that began on March 30. This means the shares will be disbursed to drivers by the end of November.

Hundreds of thousands of Gojek drivers who work for GoRide, GoCar, GoSend, GoFood, and GoBox services can take part in the program. However, their eligibility will be determined based on the length of time they have been registered and on whether they are active.

Gojek’s drivers in Singapore and Vietnam can not apply for these shares due to local regulations, so they will receive cash instead.

GoTo will also give its merchants, customers, and full-time employees first preference in buying the company’s shares during the book-building period.

See also: Org Chart: The people leading GoTo Group

The super app also established the GoTo Future Fund, an endowment fund to support the company’s initiatives toward its sustainability commitments and the lives of stakeholders across the GoTo ecosystem. Around 9.4 billion shares (around US$220 million in value) have been allocated to the fund.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,364 rupiah.