PickMe says Rs. 1.56 b IPO pivotal step in its journey

Chairman  Ajit Gunewardene

Founder and CEO  Jiffry Zulfer

Digital Mobility Solutions Lanka Ltd., the innovator behind Sri Lanka’s leading mobility solutions app PickMe, said yesterday that Rs. 1.56 billion Initial Public Offering (IPO) is 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.

The IPO will feature an offer for sale of 43,474,179 existing ordinary voting shares at a price of Rs. 36 per share, opening on 13 September. The shareholding percentage on offer is 13.04%.

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.

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. 

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.

PickMe has demonstrated remarkable resilience in the digital mobility sector, overcoming significant challenges such as the 2019 Easter Sunday attacks, the COVID-19 pandemic and recent economic disruptions. This is a testament to the company’s robust leadership, adaptability, and commitment to innovation.

Digital Mobility Solutions Lanka Chairman Ajit Gunewardene said, 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,” Gunewardene added.

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

The shares will be listed on the main board of the Colombo Stock Exchange, providing a platform for investors to participate in the company’s future growth. CT CLSA Capital Ltd. and Capital Alliance Partners Ltd. are joint financial advisors and managers of the IPO.