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Indonesia allows multiple voting shares to boost tech IPOs

Country's biggest tech company GoTo had been waiting for the regulatory change

JAKARTA -- Indonesia on Tuesday announced a new regulation that allows tech companies to issue multiple voting shares when conducting an initial public offering on the country's stock exchange, paving the way for local tech giant GoTo to come to market.

Under such a dual class shares framework, certain shares have more voting rights than others, allowing holders -- typically corporate founders -- to retain directional control of their company, and is a common practice among startups in the U.S.

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