11th Nov 2020 14:38
(Alliance News) - Round Hill Music Royalty Fund Ltd said Wednesday it has raised USD282.0 million from its initial public offer in London.
Round Hill Music Royalty Fund is managed by New York-based Round Hill Music LP, which is a fully integrated owner and operator of music copyright properties, as well as a music publishing company.
The firm has issued 282.0 million shares at USD1.00 each. Of these, 272.3 million were issued via a placing and the remaining 9.7 million under subscription.
Round Hill expects the shares to be admitted to the London Main Market on Friday.
The company's investment objective is to provide investors with an "attractive" level of regular and growing income and capital returns from investing in music intellectual property.
Round Hill's Chair Trevor Bowen commented on the successful stock market float: "When considered against the global turbulence prevalent during the IPO process due to Covid-19, this achievement clearly demonstrates a strong investor appetite for both the music royalty asset class, the performance of which is highly uncorrelated to movements in the global economy, and the recognised expertise of the Round Hill team as an investment manager in this sector."
Chief Executive Josh Gruss added: "All of us at Round Hill are very pleased with and encouraged by the strong level of support for the IPO of Round Hill Music Royalty Fund. This marks the next stage in Round Hill's development in London, a market with sophisticated investors that understand music royalties and the potential from this asset class."
The Round Hill fund will join FTSE 250-constituent Hipgnosis Songs Fund Ltd on the London market. Hipgnosis raised GBP200 million in its July 2018 IPO and now has a market capitalisation of about GBP940 million.
By Paul McGowan; [email protected]
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