MusicMagpie to float on London stock market
Music Magpie, the online retailer of refurbished consumer technology, has announced plans to float on London’s AIM.
The company said it will use the £15 million raised from the placing to repay existing debt facilities and fund its working capital requirements, particularly with regard to the expansion of its smartphone rental proposition.
With the placing is set to value the company at £208 million, MusicMagpie said it had attracted strong support from high quality institutional investors and was “comfortably” over-subscribed
The company is expected to be admitted to AIM on 22 April.
Steve Oliver, chief executive of MusicMagpie (pictured) said: “Given the ongoing move to tackle the growing problem of e-waste and the fact that consumer attitudes towards buying refurbished consumer technology products are rapidly changing, we believe that there is significant potential for MusicMagpie’s future growth prospects. In the UK alone, we estimate that people are sitting on around £16.5 billion worth of technology that they no longer use, and that only a small percentage of consumer technology items are currently recycled.
“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.”
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