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BERLIN, June 22 (Reuters) – Germany’s Bike24 is likely to price its IPO on the Frankfurt Stock Exchange at 15 euros ($17.85) a share, the lower end of its marketing range to ensure strong aftermarket performance, said a bookrunner who owns the deal organized on Tuesday.
The online bike dealer has set a price range of 15-19 euros per share and is expected to close its books at 1400 GMT and debut on the Frankfurt stock exchange on Friday.
It’s the latest in a flurry of retail IPOs, with fashion e-tailer About You earlier this month, following on from the online used car deal Auto I earlier this year. Online eyewear store Mister Spex also plans to go public early next month.
The Dresden-based Bike24s offering consists of new shares worth 100 million euros. The deal is expected to give the company a market capitalization of EUR 662 million.
The company plans to use the proceeds to expand its infrastructure at home and abroad and to refinance existing banking obligations.
Investment banks Berenberg and JP Morgan advise on the IPO of Bike24, which has grown by an average of 30% in recent years. The company recorded a profit before interest and tax of 10 million euros in 2020 on a turnover of 199 million euros. ($1 = 0.8401 euros) (Reporting by Arno Schuetze; Writing by Caroline Copley; Editing by Alison Williams)
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