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MusicMagpie set for £208m London stock market float

Henry Saker-Clark, PA City Reporter
·1-min read

MusicMagpie has confirmed plans to float on the stock market in a deal valuing the business at around £208 million.

The Stockport-based “recommerce” site, which specialises in re-selling used technology such as smart phones and games consoles, has said it will list on the London Stock Exchange’s junior AIM index.

It said it expects to raise £15 million for the business through the sale of new shares as part of the listing, while existing shareholders are also expected to secure £95 million through a share sale.

The company, which was founded in 2007, said it plans to use the funds to help expand its burgeoning smartphone rental business.

MusicMagpie revealed that it posted revenues of £153.4 million for the year to November, with earnings of £13.9 million.

The listing plans come after a raft of e-commerce floats in London in the past year, with well-received IPOs for the likes of The Hut Group, Moonpig and InTheStyle.

Steve Oliver, chief executive officer and co-founder of musicMagpie, told the PA news agency that the business has had an “excellent” reception from potential investors ahead of the listing.

“We are in a really strong position and saw real positivity in the capital markets, so thought this would a great opportunity to list,” he said.

“Environmental concerns have really risen to the front of the minds of both customers and investors.”

He added that “people have really gotten behind our premise, of reducing waste and buying tech in a responsible way”.

Mr Oliver said the company is also targeting strong growth in the US, where it operates under Decluttr brand, on the back of the float.