Hipgnosis seeks £250m to secure more song catalogues
◆ The FTSE 250 company that has spent hundreds of millions on the rights to some of the world’s biggest pop hits aims to raise another £250m to continue its buying spree, writes Ben Woods.
Hipgnosis Songs Fund founder Merck Mercuriadis is calling on investors to bankroll a fresh round of deals after pinpointing a further 50 song catalogues he wants to acquire.
Hipgnosis has invested in excess of £800m on more than 13,000 songs, including tracks by Ed Sheeran, Beyoncé, Adele and the Kaiser Chiefs. It is attempting to raise £250m by placing 215m ordinary shares at 116p apiece.
A separate fundraising of up to £4.2m will also take place on Primary Bid, a London Stock Exchange backed platform handing retail investors the chance to buy into companies raising capital.
Since listing in London just over two years ago, Hipgnosis has raised more than £860m.