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IPO galore at CSE: PickMe gears up for IPO

25 Apr 2021

  • Prime Lands also en route to go public

  • Chrissworld to announce IPO on 27 April 

By The Sunday Morning Business Desk    PickMe, Sri Lanka’s largest domestic ride-hailing service, expects to announce its Initial Public Offering (IPO) at the Colombo Stock Exchange (CSE) in the near future, The Sunday Morning Business exclusively learnt.  Speaking to us, PickMe Founder/CEO Zulfer Jiffry said that PickMe is planning to go public, but has not yet finalised the details, as it is still in the planning stage.  “We will announce it later to the public, it is not yet finalised to be acted upon,” Jiffry said.  Jiffry refused to divulge further details when inquired about how much PickMe is gearing to raise via an IPO on the CSE, and its reason behind the decision.  We also spoke to CSE Board of Directors Chairman Dumith Fernando, who said that the CSE is not yet aware of PickMe going public. “I’m not aware of such news as of yet,” Fernando stated.  The PickMe software, founded in June 2015, is a platform that facilitates a real-time connection between the taxi passenger and the taxi driver, enabling mutual engagement for the receipt and delivery of a seamless service. This is the first time in Sri Lankan history where a ride-hailing app will go public at CSE. As a current market leader, PickMe envisions upgrading the local transportation industry; consequently, inspiring Sri Lanka towards matching global standards in effective problem solving via technology.  Earlier this month, Prime Lands Residencies (Pvt.) Ltd., the condominium property arm of Prime Group after completing its 35th property project and with this completion is also expected to make its initial public offering (IPO) in the future.  A statement released by the company read: “This development will certainly ensure that the firm continues to grow from strength to strength, with a commitment to bring the best value to all their stakeholders, ensuring their satisfaction is parallel to the growth of Prime Lands Residencies and the Prime Group”.  According to KPMG International, the large-scale developments of the group have reportedly been a driving force for economic growth, as investments in condominiums have generated historical returns of 17% return on investment (ROI) and 5-9% rental yield. Further, Chrissworld Ltd. (CWL), an SME engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs. 56.25 million via IPO on the CSE.  The subscription is scheduled to be open on 27 April, with Atara Capital Partners representing the company as the managers to the issue. Accordingly, the company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share.  Meanwhile, Sri Lanka’s renewable energy supplier WindForce Ltd. closed its IPO issue for 202,615,341 shares on 24 March, which was reportedly oversubscribed at an issue price of Rs. 16.  Windforce had announced the IPO early in March, through which it aimed to raise Rs. 3.24 billion to fund its strategic expansion and growth in the renewable energy sector.  Over the years, through its investments in the renewable energy space, the company has transformed to become the largest IPP in the renewable energy sector in Sri Lanka and has expanded operations globally, becoming the first Sri Lankan company to set up solar plants in Uganda, Pakistan, and Ukraine. Overall, the company currently operates 27 power plants with an installed capacity of 218 MW, of which 55.4% of the capacity (120.8 MW) is based in Sri Lanka, while the rest is based in Uganda, Pakistan, and Ukraine.


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