MusicMagpie, the second-hand CD and DVD website, is making its London debut this morning, as it joins the junior Aim market with a valuation of £208m.
Steve Oliver and Walter Gleeson, the two founders of the company, are set to net £15.5m in the float. Shares will start trading at 8am this morning.
MusicMagpie is one of the most prolific sellers of second-hand goods on eBay and Amazon.
Oliver, the company’s chief executive, said: “This is an exciting new chapter in the MusicMagpie story, and we are delighted to welcome our new shareholders to the business.
“The company has been on a fantastic journey since Walter Gleeson and I founded it in 2007, and I am hugely proud of the hard work, innovation and dedication of our people in getting the business to where it is today. I am thrilled that our colleagues can now have a direct stake in MusicMagpie’s future success.”
MusicMagpie said it had received the LSE’s Green Economy Mark, an accreditation which signals a company derives at least half of its revenues from products which contribute to the green economy.
James Cook spoke to MusicMagpie’s Oliver last week, with the CEO saying there used to be “something a bit niche about second-hand, and almost a bit snobby about it”
“But now it’s very mainstream and very accepted as a smart way to shop.”
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