CLOPPENBURG, Germany (BRAIN)—Derby Cycle Werke, Germany’s largest bicycle company, is going public.
Derby, which owns the Focus, Kalkhoff, Raleigh, Univega and Rixe brands, will launch an initial public offering on the Frankfurt Stock Exchange.
According to a listing on the Frankfurt Stock Exchange, the offering began Monday and runs through Feb. 2 with the first day of trading scheduled for Feb.4. The number of shares available will be 6.84 million offered between €11.5 and €15.5 per share. Of those shares, 1.5 million are new, the listing said.
The money raised from the IPO would help Derby capitalize on strong growth in the e-bike market in Germany and Europe, according to a press release. The release also said that proceeds from the IPO would be used to support Derby's forecast non-European growth.
Last year, the Derby Cycle group sold 430,000 bicycles and reported revenue of €173 million.
Derby’s frames are manufactured in Asia and bikes are assembled at the company’s headquarters in Cloppenburg. Almost two years ago, Derby entered the U.S. market by forming a Focus USA subsidiary. Kalkhoff e-bikes are also sold in the U.S. through importer Greenlight Bikes.