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“Have you ever seen a cargo bike so sexy?”

"Have you ever seen a cargo bike so sexy?" asked the first Belgian customer of Hagen Bikes, an Estonian cargo bikes company that just completed its IPO at the First North alternative stock exchange with almost a 15X oversubscription.

For the investors at Nasdaq First North multilateral trading facility, the answer is obviously “no”. The money raised in the IPO will be used for further growth, including developing a new bike model, consolidating production and focusing on new markets, such as Germany and France.

A new design concept

Hagen Bikes’ beginning can be traced back to 2014 when its founder Kaspar Peek was living in Odense, Denmark and founded his first bike company that produced tailor-made bicycles. As Kaspar moved back to Estonia, in 2017, Hagen Bikes OÜ was born, specializing in production and development of cargo bikes with a new design concept.
Usual bikes cannot be used to deliver cargo that is larger than fits on the rider’s back or the bike’s luggage rack. Thus, riding home from a store with more than a few products is often quite a painful experience. At the same time, a possible alternative, cargo tricycles are quite clumsy and hard to maneuver in a city environment.

Tailor-made solutions

Hagen’s bikes are made locally, in a production unit located in Estonia. This enables quick transitions from the drawing table to production and the streets. Customers can also ask for tailor-made solutions, such as a custom frame length, custom colors or extra equipment. At the same time, different possibilities for automation and optimization have been used to minimize faults in production.
Besides ordinary bikes, the company’s portfolio also includes electric cargo bicycles. This far, Hagen Bikes has sold its products to 12 different countries. In the nearest future, focus will be set on foreign markets, such as Germany, France and the Netherlands.

Several recent Estonian IPOs on First North

The Baltic First North trading facility is obviously booming as last week, another IPO’s subscription period was completed – the Estonian-founded application-to-person (A2P) SMS platform TextMagic was oversubscribed 19.8 times. This year’s newcomers on Baltic First North also include the Estonian automotive sales software company Modera, environmentally friendly vehicle sharing service Elmo Rent and producer of smart pedestrian crosswalks Bercman Technologies.

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