Friday Nov 15, 2024
Friday Nov 15, 2024
Monday, 30 September 2024 00:30 - - {{hitsCtrl.values.hits}}
The Initial Public Offering (IPO) of leading mobility solutions app, PickMe owner Digital Mobility Solutions Lanka Ltd., has drawn demand worth over Rs. 4 billion, reflecting an oversubscription by four times.
The IPO involved issuance of shares worth Rs. 1.56 billion (43,474,179 existing ordinary voting shares at Rs. 36 each), and when it closed on the opening day itself on 13 September, the demand had been for shares worth Rs. 4.2 billion. The shareholding percentage on offer is 13.04%.
There had been 866 applications requesting for 116.646 million shares worth Rs. 4.199 billion, according to the company’s filing to
the Colombo Stock Exchange.
A majority (615) of the applications had been with payments via RTGS/SLIPS/CEFTS transfers worth Rs. 717.75 million whilst in terms of value applications with payments via bank drafts and cheques amounted to Rs. 2 billion, reflecting oversubscription by that category itself which had 246 applications in this category.
The IPO also drew five applications with payment via bank guarantees worth Rs. 1.477 billion.
As per the basis of allocation, the company said the 542 applications from retail individual investors (those applying shares worth below Rs. 100,000) have been assigned 0.5 million shares; the 319 non-retail investors’ applications allocated 104 million shares. A unit trust investor had 1.4 million shares allocated, followed by one anchor investor (8.33 million shares) and an institutional investor (2.5 million shares).
Ahead of the IPO, Digital Mobility Solutions Lanka Ltd. said it was a “pivotal step” in its journey.
“We are excited to take this pivotal step in our journey and offer an opportunity for investors to be part of our growth story. 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,” Digital Mobility Solutions Lanka CEO Jiffry Zulfer said.
PickMe has over 75,000 unique drivers, 900,000 unique customers and 3,000 unique 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.
CT CLSA Capital Ltd. and Capital Alliance Partners Ltd. were the joint financial advisers and managers of the IPO.
