London Stock Exchange welcomes musicMagpie plc to AIM, and awards it with the Green Economy Mark

London Stock Exchange today welcomes musicMagpie plc (‘musicMagpie’, the ‘Company’ or ‘Group’), a leading re-commerce business in the UK and US specialising in refurbished consumer technology, to AIM, trading under the ticker MMAG. The Company has also qualified for London Stock Exchange’s Green Economy Mark, which recognises companies that derive 50 per cent. or more of their total annual revenue from products and services that contribute to the global 'Green Economy'.


musicMagpie has raised gross proceeds of £15 million, with net proceeds being used to repay existing debt facilities and fund the Group's working capital requirements, in particular the Group’s expansion of its smartphone rental proposition. The fundraise attracted strong support from high quality institutional investors and was comfortably over-subscribed. 


musicMagpie is a leader in the re-commerce of consumer technology (including smartphones, tablets, consoles, computers) with sustainability running to the very heart of its operations. The Group has an established presence in the UK, with operations in Stockport, Greater Manchester, and in the US in Atlanta, Georgia. Operating through its two trusted brands - musicMagpie in the UK and Decluttr in the US - the Group's core business model is simple: to provide consumers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology and physical media products.


The Directors believe that admission to AIM will be an important step in the Group's development and will assist the growth of the business. The Directors also believe that admission will further strengthen the Company's brand, visibility and profile in the re-commerce market. In addition to broadening the Group's shareholder base, admission to trading on AIM gives the Company the capacity, if required, to raise capital from the equity market or issue shares as consideration to support its strategic objectives as suitable opportunities arise. 


Steve Oliver, Chief Executive Officer and Co-Founder of musicMagpie, said: "We are thrilled that musicMagpie’s circular economy model has resonated so strongly with investors, and are delighted to have received such a high level of demand for the Placing.


“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.”


To find out more about musicMagpie plc, please visit: www.musicmagpieplc.com

Quick facts

Track
Market: AIM
Instrument market cap (£m)
179.98
Listing/Admission to trading
22 Apr 2021
Looking for new and recent issues?

More recent

London Stock Exchange welcomes Softline to Main Market

London Stock Exchange today welcomes Softline, a leading global solutions and services provider in digital transformation and cybersecurity, to the Standard Segment of the Main Market of London Stock Exchange trading under the ticker symbol SFTL.

Softline's objective is to help improve business performance and quality of life through the most effective use o

Learn more
London Stock Exchange Welcomes Invesco celebrating the launch of Nasdaq-100 ESG UCITS ETF

Today, London Stock Exchange welcomes Invesco for the newest addition to the Invesco Nasdaq Innovation Suite, a new Environmental, Social and Governance (ESG) ETF: the Invesco Nasdaq-100 ESG UCITS ETF.

The Nasdaq-100 index has long been associated with growth and innovation, including many of today’s leading-edge companies, such as Apple, Amazon, Netflix and

Learn more
36.52
London Stock Exchange welcomes Tungsten West to AIM

Tungsten West Plc (“Tungsten West” or “the Company”) is a UK based company focussed on recommencing production at the Hemerdon tungsten and tin mine (“Hemerdon” or the “Project”) in Devon, England.

The Hemerdon mine is the world’s third largest Tungsten resource, had over £170m spent on it via the previous operator and has a mine life of 18.5 years. The Company is focused on rebuildin

Learn more
139.92
London Stock Exchange welcomes the Republic of Korea’s Sovereign Green Bond to the Sustainable Bond Market

London Stock Exchange today welcomes the Republic of Korea issuing their €700mn -0.053% note due October 2026 to London Stock Exchange’s International Securities Market. The deal was more than 6 times oversubscribed, receiving bids in excess of €4.2bn from over 150 accounts.

The €700mn 5-year tranche is Korea’s debut green bond and it was admitted yesterday to our Sustainable Bond Mar

Learn more