BERLIN, June 25 (Reuters) - Shares in German online bicycle
dealership Bike24 opened 2% above its offer price in
its stock market debut on Friday.
Bike24 opened at 15.3 euros ($18.26) per share, compared to
its offer price of 15 euros apiece, valuing the Dresden-based
company at more than 670 million euros.
The COVID-19 pandemic has prompted a cycling boom, with many
people buying bikes to exercise or to avoid the risk of
infection on buses or trains.
The company has achieved growth rates averaging 30% in
recent years and last year posted earnings before interest and
tax of 10 million euros in 2020 on revenues of 199 million.
It is the latest in a flurry of retail IPOs, with fashion
e-tailer About You listing earlier this month,
following on from online used car deal Auto 1 earlier
this year. Online eyewear retailer Mister Spex also plans to
float early next month.
Bike24 intends to use the proceeds to expand its
infrastructure domestically and abroad and to refinance existing
Investment banks Berenberg and JP Morgan are advising on the
initial public offering for Bike24.
($1 = 0.8377 euros)
(Writing by Caroline Copley
Editing by Riham Alkousaa)