PickMe plans IPO via offer for sale valued at Rs.1.6bn

Sri Lanka’s top ride-hailing app PickMe plans an initial public offering (IPO) via an offer for sale valued at Rs.1.6 billion.
The company plans to offer 43,474,179 ordinary voting shares, attractively priced at Rs.36 per share, which is an immediate upside of 20.8 percent to an incoming investor, on the value per share of Rs.43.49 derived from a three-year discounted cash flow valuation.
The initial listing application to list the shares of the company has already been submitted to the Colombo Stock Exchange for listing approval. 
PickMe’s net revenue for FY 2024 is Rs.3.91 billion, compared to Rs.1.96 billion in FY 2023. The forecasted net revenue for FY 2025 is Rs.6.1 billion.
Capital Alliance and CTCLSA have been appointed as joint mangers to the proposed issuance, which is named as ‘Project Yellow’.
PickMe is the official brand of Digital Mobility Solutions Lanka Limited, a software service provider, founded in June 2015.