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RSM’s capital markets team revealed it has advised MusicMagpie, a re-commerce business in refurbished consumer technology, on its £208m initial public offering (IPO).
The business, which was admitted to AIM today, has raised £15m for the company and £95m for selling shareholders, with an initial market capitalisation of £208m.
Established in Stockport, Greater Manchester, in 2007 with operations in Atlanta, Georgia, MusicMagpie is a “leader” in the re-commerce of consumer technology, including smartphones, tablets, consoles and computers.
It operates through two brands – MusicMagpie in the UK and Decluttr in the US. The capital markets team was led by Diane Craig – head of capital markers at RSM – with the core transaction team including Matt Cowie, Tom Knibbs and Patrick Curry. The audit team was led by Jon Lowe and Charlotte Massey.
Craig said: “MusicMagpie presents a compelling proposition which taps into the growth of consumer technology whilst delivering sustainability for modern consumers. We are pleased to have supported today’s transaction that will help support the next stage of growth for this ambitious business and management team.
‘This is the third IPO we have acted on in four weeks which demonstrates the attractiveness of the UK capital markets to support quality businesses to achieve long-term, strategic goals.”
