MusicMagpie flying high on first day of dealings

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MusicMagpie PLC (LON:MMAG), the online buyer and seller of second-hand technology, was bid-up on its first day of dealings on AIM.


The company’s shares are being quoted at 202-204p; the shares were floated at 193p a pop.


NVM Private Equity, which sold some of its holdings as part of the initial public offering but which retains a 16.1% stake, said the GBP72.5mln it made through the share sale was 12.1 times higher than its original investment cost.


READ MusicMagpie prices initial public offering at 193p


“We are thrilled to have created such an exceptional result for NVM, who have been such a fantastic supporter and partner of the business since their investment in 2015. We have very much enjoyed working with them and we look forward to continuing our relationship with them as our largest individual institutional shareholder,” said Steve Oliver, chief executive of musicMagpie PLC.


The flotation is another in a lengthening chain of technology companies going public; Trustpilot, Moonpig and Deliveroo have floated in London so far this year while cybersecurity outfit Darktrace has announced plans for an initial public offering.

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