© Reuters. FILE PHOTO: A person rides a bike at the Tempelhofer Feld, as the spread of the coronavirus disease (COVID-19) continues, in Berlin, Germany, May 9, 2021. REUTERS/Christian Mang/File PhotoBERLIN (Reuters) – Germany’s Bike24 will likely price its flotation on the Frankfurt Stock Exchange at 15 euros ($17.85) per share, the bottom of its marketing range to ensure a strong after-market performance, a bookrunner organising the deal said on Tuesday.
The online bicycle dealership set a price range of 15-19 euros per share and is scheduled to close its books at 1400 GMT and debut on the Frankfurt stock exchange on Friday.
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 I earlier this year. Online eyewear retailer Mister Spex also plans to float early next month.
Dresden-based Bike24’s offering consists of new shares worth 100 million euros. The deal is expected to give the company a market cap of 662 million euros.
The company intends to use the proceeds to expand its infrastructure domestically and abroad and to refinance existing bank liabilities.
Investment banks Berenberg and JP Morgan are advising on the initial public offering for Bike24, which has achieved growth rates averaging 30% in recent years. The company last year posted earnings before interest and tax of 10 million euros in 2020 on revenues of 199 million.
($1 = 0.8401 euros)
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