BERLIN, June 25 (Reuters) – Shares in German on-line bicycle dealership Bike24 opened 2% above its supply value in its inventory market debut on Friday.
Bike24 opened at 15.3 euros ($18.26) per share, in comparison with its supply value of 15 euros apiece, valuing the Dresden-based firm at greater than 670 million euros.
The COVID-19 pandemic has prompted a biking increase, with many individuals shopping for bikes to train or to keep away from the chance of an infection on buses or trains.
The corporate has achieved development charges averaging 30% in recent times and final yr posted earnings earlier than curiosity and tax of 10 million euros in 2020 on revenues of 199 million.
It’s the newest in a flurry of retail IPOs, with vogue e-tailer About You itemizing earlier this month, following on from on-line used automobile deal Auto 1 earlier this yr. On-line eyewear retailer Mister Spex additionally plans to drift early subsequent month.
Bike24 intends to make use of the proceeds to broaden its infrastructure domestically and overseas and to refinance current financial institution liabilities.
Funding banks Berenberg and JP Morgan are advising on the preliminary public providing for Bike24.
$1 = 0.8377 euros Writing by Caroline Copley Modifying by Riham Alkousaa