Greater Manchester-based MusicMagpie has completed its float on the London Stock Exchange's AIM market in a move which has valued the business at more than £200m.
The online retailer, which resells the likes of second-hand phones, revealed earlier this month that its share placing on London's junior stock market will see shareholders receive £95m and the company £15m.
The move gave the firm, which employs more than 1,000 people in the UK and US, a valuation of about £208m on admission.
Founded in 2007, the group has operations in Stockport and in the US in Atlanta, Georgia.
The company has also confirmed that it has received the LSE's Green Economy Mark, which recognises companies that derive 50% or more of their total annual revenue from products and services that contribute to the global 'Green Economy'.
Co-founder and chief executive Steve Oliver 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.
"I am also particularly pleased that musicMagpie has received the LSE's Green Economy Mark.
"It is a clear recognition of our strong environmental, social and corporate governance credentials as we continue to provide a service that is both smart for the consumer and smart for the planet."
The IPO represents a partial exit for private equity firm NVM which first backed musicMagpie in 2015, providing £6m of development capital in a transaction led by Andy Leach.
Mr Leech joined the board at the point of investment and has since played an active role in shaping strategy, remaining a director through to the company’s admission to AIM.
Today’s partial exit is NVM’s third move in less than six months following the exit of It’s All Good in December 2020 and the sale of Agilitas in November 2020.
Mr Leach added: "We are delighted for the team at MusicMagpie which under Steve and Walt’s leadership, following its admission to AIM today, has reached a key milestone in the company’s history.
"MusicMagpie’s re-commerce model has always been ahead of the curve and, with the current focus on the circular economy, has been acknowledged as a key player in the drive for more sustainable consumer and business behaviour.
"The business has evolved significantly over these past five years, and is well positioned to continue its growth in the future. I am personally very proud of everything that the business has achieved through this period and look forward to watching their progress over the coming months and years."
