CLOPPENBURG, Germany (BRAIN)—Derby Cycle raised €98.6 million ($133.9 million) in its market debut today on the Frankfurt Stock Exchange, the company said in a press release.
The listed price was €13.15 per share for 7.5 million shares listed.
"This represents a wonderful success for us," said Mathias Seidler, CEO of Derby Cycle. "We are pleased that the IPO has been so successful. The business model was well accepted by investors both in Germany and abroad. We aim to use the proceeds from the capital increase to now intensify our planned further corporate growth, the expansion of our
successful business with electric bicycles, and our internationalisation."
By revenue, Derby is Germany’s largest bike company with sales of €173 million last year. Of that, 72.6 percent came from Germany, and the remainder from abroad. The company sold around 430,000 bikes last year through its Kalkhoff, Focus, Raleigh, Univega and Rixe brands, 44,000 of which were e-bikes. Derby sells its Focus brand in the U.S. through a wholly owned subsidiary, Focus USA, and Kalkhoff e-bikes through an importer.