Business
The BikeExchange (ASX:BEX) share price is surging. Here’s why.
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).
A record number…
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