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MusicMagpie plans £208m London float

The new shares placing is expected to raise £15m for the company, while the existing shares placing is expected to raise £95m for selling shareholders

MusicMagpie, the e-commerce retail business, has announced plans for a £208m float on the London Stock Exchange.

The proposed admission to trading on AIM would place 7,772,020 new ordinary shares and 49,415,850 existing ordinary shares of one pence each, both at a placing price of 193 pence.

The new shares placing is expected to raise £15m for the company, while the existing shares placing is expected to raise £95m for selling shareholders.

On admission, expected to take place on 22 April 2021, the company will have 107,772,020 ordinary shares, of which directors and senior management will own roughly 11.5%.

Steve Oliver, co-founder and CEO at the company, said: “We are thrilled that musicMagpie’s circular economy model has resonated so strongly with investors, and are delighted to have received such a high level of demand for the Placing.

“The listing on AIM of musicMagpie reflects not only the success that we have enjoyed to date but also our confidence in our ability to capitalise on the favourable long-term trends that continue to drive the company’s strong performance.”

The move follows a raft of e-commerce retailers floating on the London market since the start of the pandemic, including Moonpig, In The Style, and The Hut Group.

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