MusicMagpie has officially launched on London’s junior AIM market today hoping to hit a market capitalisation of over £200 million.
The technology resale giant announced its admission to the AIM market at 8am this morning, selling shares for 1p each.
The float is expected to see MusicMagpie hit a market capitalisation of £208 million, raising around £22.5 million for its founders Steve Oliver and Walter Gleeson.
It also hopes to raise £15 million in its initial public offering (IPO), which it will reportedly use to broaden its operations in selling refurbished smartphones, games consoles, CDs, DVDs and other gadgets.
The online retailer posted sales of £153 million and profits of £13.9 million in the year to the end of November, and currently has over £1.1 million items for sale on Ebay alone.
Last year also saw MusicMagpie set up kiosks in Asda and Co-op stores to recycle old phones for cash. It also lists products it sells on eBay and Amazon Marketplace
“This is an exciting new chapter in the musicMagpie story, and we are delighted to welcome our new shareholders to the business,” Oliver said.
“The Company has been on a fantastic journey since Walter Gleeson and I founded it in 2007, and I am hugely proud of the hard work, innovation and dedication of our people in getting the business to where it is today. I am thrilled that our colleagues can now have a direct stake in MusicMagpie’s future success.
The retailer has also been granted LSE’s ‘green economy mark’ which is given to companies deriving more than 50 per cent of their revenues from services which contribute to the ‘green economy’. #
“I am also particularly pleased that musicMagpie has received the LSE’s Green Economy Mark,” Oliver continues.
“It is a clear recognition of our strong environmental, social and corporate governance credentials as we continue to provide a service that is both smart for the consumer and smart for the planet.”