Market value exceeds 200 million! British MusicMagpie officially listed in London

According to foreign media reports, the British resale platform MusicMagpie was officially listed on the London AIM market recently, and its market value is expected to exceed 200 million pounds.

At 8am on April 22 , the tech resale giant announced it would enter the AIM market at 1p per share . The listing is expected to give MusicMagpie a market value of £208 million and raise about £22.5 million for its founders Steve Oliver and Walter Gleason .

MusicMagpie is also reportedly looking to raise £15 million through an initial public offering (IPO) , which it will reportedly use to expand its business selling refurbished smartphones, game consoles, CDs, DVDs and other electronics.

The online retailer had sales of £153m and profits of £13.9m in the year to the end of November this year , and currently has more than £1.1m of merchandise for sale on eBay alone .

Last year, MusicMagpie also set up self-service kiosks in Asda and Co-op stores to recycle old phones to support its second-hand business . It also lists products for sale on eBay and the Amazon marketplace

Oliver said : “This is an exciting new chapter for musicMagpie and we are delighted to welcome our new shareholders to the business. It has been a fantastic journey for the company since we founded it in 2007. ”

The retailer has also received the London Stock Exchange's Green Economy Mark, which is awarded to companies that derive more than 50% of their revenue from services that contribute to the "green economy".

In the UK alone, there are approximately £16.5 billion worth of recyclable products. "Only a small fraction of consumer technology products are currently recycled. Listing on AIM reflects not only the success we have achieved to date, but also our confidence in our ability to capitalise on favourable long-term trends which will continue to drive strong performance for the company."

MusicMagpie joins a string of UK online retailers turning to the stock market in recent months as online shopping surged due to the pandemic , including Moonpig , The Hut Group , MyTheresa , Made.com and InTheStyle.

MusicMagpie

U.K.

Listing