The
BikeExchange Ltd (ASX: BEX) share price has jumped 9.5% higher today as investors react to Wednesday’s strong quarterly result.
Why is the BikeExchange share price rocketing higher?
On Wednesday, BikeExchange provided its March quarterly update for the period ended 31 March 2021 (Q3 2021).
The Aussie online cycling marketplace reported net cash of $18.9 million following a successful $20 million initial public offering (IPO). The BikeExchange share price surged 23% higher upon listing after listing at $0.26 per share.
BikeExchange reported “solid growth” across all sources of revenue in the March quarter highlighted by total transaction value (TTV) up 220% compared to the prior corresponding period (pcp).
Bikeexchange (ASX:BEX) CEO Mark Watkin on the risks and opportunities ahead
Bernd Struben | February 17, 2021 8:00am |
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Last week on Tuesday 9 February,
The company reaches 29 million consumers each year. It provides a global online cycling marketplace, allowing brands, retailers and distributors to connect with their customers worldwide.
BikeExchange had raised $20 million at 26 cents per share as part of its initial public offering (IPO), and the BikeExchange share price reached 28 cents on its first day. Shares closed yesterday’s trade at 26 cents per share, up 4% for the day.
With the company now 1 week into its publicly listed status, the Motley Fool reached out to Mark Watkin, Global CEO of BikeExchange.