Hipgnosis Songs is to make a second attempt at listing on the London Stock Exchange.
The music copyrights investment company has announced that applications for the initial placing of its ordinary shares have successfully passed the £200 million target. The deadline has been extended to July 5.
Last year the company delayed a plan to go public.
Hipgnosis was founded by Merck Mercuriadis, who manages Nile Rodgers and previously represented Elton John, Guns N’ Roses, Morrissey, Iron Maiden and Beyoncé. Mercuriadis was CEO of Sanctuary Group prior to it acquisition by Universal in 2007.
Mercuriadis said: “I believe that the song, even more so than the artist, is the most important component in a hit record. The music industry has been built on the predictable and reliable income they provide and I’m delighted that the financial community is supporting our thesis that the proven hit songs we are targeting for acquisition are very investable assets.
“I’ve spent the better part of the last 35 years advocating for great artists, songwriters and producers and my ambition is to grow the fund not only to provide great returns for our investors but equally well in due course to create the leverage that only critical mass can provide to change the songwriter’s position in the economic model.”
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