Nasdaq Welcomes Hagen Bikes to Baltic First North Market

29.12.2021 RIG, TLN, VLN

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, December 29, 2021 – Nasdaq (NDAQ) announces that the shares of Hagen Bikes, an Estonian cargobike manufacturer, have been admitted to trading on Nasdaq Baltic First North Market by Nasdaq Tallinn as of today, December 29.

The admittance to trading of Hagen Bikes shares follows the initial public offering of the company in which they aimed to raise EUR 510 600. The total demand for the shares was EUR 7.45 million, i.e. the offering was 14.9 times oversubscribed. 6530 investors participated in the offering.

“2021 has been an incredible year for the Baltic First North market. And what could be a better way to end it than to welcome an ambitious bike manufacturer Hagen Bikes to our market,” said Kaarel Ots, CEO of Nasdaq Tallinn. “Hagen is yet a small company, but their dedication and passion for building cargobikes and nudging people towards a more sustainable and healthy means of transportation has paved their way to becoming a public company with more than 6000 shareholders.”

“We chose First North market because it’s the best match for financing our long-term plans,” said Kaspar Peek, founder and CEO of Hagen Bikes. “In addition, we hope that more people will benefit from our success when we are publicly listed compared to being financed only by institutional investors. Especially considering that almost 0.5% of the Estonian population are now our investors – an incredible number for a company in such an early stage as Hagen!”

Law firm Ellex Raidla serves as the certified adviser for Hagen Bikes on First North market.

Hagen Bikes’ roots go back to 2014, when Estonian bicycle visionary Kaspar Peek founded his first company in Denmark focusing on the production of bicycles. In 2017, Kaspar moved to Estonia and founded Hagen Bikes OÜ which develops and manufactures innovative and high-tech cargo bicycles.

Nasdaq First North Market is tailored to support smaller, growing companies that want to raise capital and get the visibility and credibility of being a public company. For investors, First North offers an opportunity to invest in companies that are at an earlier stage of their growth.

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