Hipgnosis Songs Fund has hit a major milestone in its native UK: its market cap today (August 11) surged above a billion (English) Pounds for the first time.
That comfortably puts it above a billion US dollars (at just over $1.3bn), if you were wondering.
The milestone was confirmed today to MBW by Hipgnosis’ founder and CEO, Merck Mercuriadis.
The £1bn-plus market cap valuation is achieved by combining Hipgnosis’ ordinary shares on the London Stock Exchange (current market cap: £757.5m) with the value of its C shares, which were recently sold off to fuel a £236.4m ($299m) fundraise.
According to fiscal data seen by MBW, the current, combined value of these two sets of shares today (August 11) gives Hipgnosis an overall market cap value of £1.05bn (circa $1.37bn).
“It’s a testament to the power of great songs and songwriters that in just two years we are a £1bn market cap, FTSE 250 company.”
Merck Mercuriadis, Hipgnosis Songs Fund
Mercuriadis told MBW: “It’s a testament to the power of great songs and songwriters that in just two years we are a £1bn market cap, FTSE 250 company that is also one of the index’s biggest yielders.”
He added: “Having established proven songs as a highly investible asset class is not only great for Hipgnosis but for all songwriters.”
Hipgnosis’ share price closed on the London Stock Exchange earlier today (August 11) at GBX 123.00.
That’s its highest day-close performance since the company floated on the LSE in summer 2018.
Hipgnosis’ share price has recently been boosted by the news that it has acquired catalogs and/or royalty streams from the likes of Rodney ‘Darkchild’ Jerkins, Barry Manilow and Blondie’s Debbie Harry and Chris Stein.
Last month, the company also acquired a range of songs and recorded music interests from Lady Gaga collaborator RedOne.Music Business Worldwide
