MUSIC MOGUL PLANS £100M FLOAT OF JUKEBOX BUSINESS

MUSIC entertainment firm Electric Jukebox has unveiled plans to list its shares on the stock market in London next year to take on the likes of Apple, Amazon and Spotify.

It is understood the initial public offering (IPO), slated for the first half of 2018, will see the firm raise tens of millions and value it at more than £100m.

Founded in 2014 by British entrepreneur Rob Lewis( pictured with singer A les ha Dixon ), the money raised will be used to roll out Electric Jukebox’s Roxi product, a set-top box that allows users to stream music, play music trivia games and sing karaoke.

It is thought finnCap, appointed its corporate finance adviser, has been sounded out by insti- tutional investors interested in becoming shareholders. It comes as the group closes a £10.9m private funding round.

Electric Jukebox’s largest shareholders are Lewis and investment firm YOLO Leisure & Technology. It is also backed by the likes of ex-U2 manager Paul McGuinness.

Also on the shareholder register are a group of 50 high net worth investors from the UK, Canada and Hong Kong. Mr Lewis said: ‘We want to be the number one family music entertainment product. Our medium-term target is to reach 10pc of the market globally following IPO.’

The group is targeting revenues of more than £777m over the next five years, with customers paying £199 for Roxi.