A music royalties fund is seeking to harness festival fever by floating on the London Stock Exchange early next month.
Hipgnosis Songs Fund, advised by a former manager to Elton John and Beyonce, will give investors exposure to songs and associated musical intellectual property rights.
The fund has already identified a pipeline of catalogues of songs, which contain “proven, evergreen songs from award-winning songwriters”, to acquire.
According to the firm’s intention to float document, this would comprise more than 1,000 songs, including from the likes of Adele, Beyonce, Flo Rida, Jay Z (pronounced Jay Zee), Justin Bieber, Kanye West, Rihanna and Snoop Dogg [sic].
The company will be advised by Hipgnosis Songs, which was founded by Merck Mercuriadis, who managed Guns N’ Roses, Morrissey and Iron Maiden, as well as Elton John and Beyonce.
The company, advised by Cenkos Securities, is aiming for a market capitalisation of £200m through the initial public offering (IPO) of 200m shares at 100p.
The firm announced today that Nile Rodgers, of the band Chic, will sit on the advisory board.