PickMe announces IPO seeking more than Rs.1.5 billion

PickMe owner, Digital Mobility Solutions Lanka Ltd, has announced its forthcoming Initial Public Offering (IPO) on the Colombo Stock Exchange (CSE).

The IPO will feature an offer for sale of 43,474,179 existing ordinary voting shares at a price of Rs.36 per share hoping to raise Rs.1,565,070,444. It will open on September 13 and aims to invite the public to invest in a 13.04 per cent stake in the company.

“As a trailblazer in Sri Lanka's digital mobility sector, PickMe has revolutionised the mobility landscape with its pioneering aggregator platform. The introduction of PickMe has significantly expanded the on-demand ride-hailing and delivery market in Sri Lanka, addressing a previously unmet demand and contributing to technological advancements in the industry,” the company said in a media releas.

PickMe has over 75,000 drivers, 900,000 customers and 3,000 merchants in its network. The IPO marks a significant milestone for the company, as it continues to accelerate its growth trajectory and expand market reach. The Digital Mobility Solutions Board comprises nine members i.e. two Executive Directors and seven Non-Executive Directors, four of who are independent. They bring a wealth of expertise and balanced governance in steering the company.

"We are excited to take this pivotal step in our journey and offer an opportunity for investors to be part of our growth story," said Jiffry Zulfer, CEO of Digital Mobility Solutions Lanka Ltd. "Our IPO not only reflects our commitment to innovation and excellence but also our confidence in the continued expansion and success of the PickMe brand."

Ajit Gunewardene, Chairman of Digital Mobility Solutions Lanka Ltd says, the company's success can be attributed to its ability to scale operations and adapt services to evolving market conditions. “PickMe’s competitive edge lies in its advanced technology platform, extensive user base, and in-depth understanding of the Sri Lankan market. Our emphasis on localisation, such as incorporating local languages on the PickMe platform, has enhanced our accessibility for both consumers and independent drivers, broadening our presence in Sri Lanka’s transportation ecosystem through technological advancements.”

PickMe’s Everyday Digital Mobility Platform is driven by talented in-house engineering and operations teams and visionary leadership. In focussing on creating a comprehensive platform the company addresses inefficiencies in traditional transportation models, resulting in increased convenience, reliability, efficiency, and cost-effectiveness for users.