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Jakarta Post

Equal treatment is not always fair

Moving forward: Ride-hailing app Grab motorcycle taxi drivers undergo screening before vaccination against COVID-19 at ICE BSD shopping mall in Tangerang, Banten, on March 13. Grab plans a United States listing after merging with the investment fund Altimeter Capital Management(Antara/Fauzan)
Niki Satyapeni
PREMIUM
Jakarta   ●   Fri, April 23 2021

A number of technology companies have reportedly been preparing themselves for going public through initial public offerings (IPO). The most recent one is ride-hailing giant Grab.

The filing made by Altimeter Growth Corp., the special purpose acquisition company Grab will merge with for its United States listing, disclosed some interesting information. This includes the proposed share ownership and voting structure post-IPO, pursuant to which Grab’s founders will hold “Class B” shares amounting to only 3.3 percent of the total shares but are entitled to 60.4 percent of the voting rights.

The differentiation of share classes allows the weighted voting rights structure to be adopted by this Singapore-based company and ensure its founders hold the majority voting rights despite share dilution.

The adoption of share classes is common in priv...

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