A website dedicated to serving Europe's motorcyclists has floated on the Alternative Investment Market, writes David Duffy.

The company, which in June alone generated five million hits on its all-things motorcycling website, hopes to raise 3m from the flotation, and said it will invest the proceeds in increasing its profile across Europe.

BikeNet claims to be the first website for motorcyclists across Europe, and allows users to check out latest bikes or simply chat with fellow enthusiasts. Without any advertising, 50 new bikes were sold by the website within a month of its launch at the start of the year.

Since March, 300 sales and orders have been processed.

BikeNet said its close relationship and exclusive supply deal with motorcycle dealer Carnell provided it with a reliable and low-cost base to source, stock and deliver a wide range of bikes. BikeNet's chief executive, Garry Cuthbertson, said: I am delighted with the response from investors as the flotation marks an important step in further establishing the BikeNet brand.

The proceeds of the placing will not only provide us with vital working capital, but it will also consolidate our position as the leading European affinity site for motorcycle enthusiasts.