Hipgnosis Songs Fund Ltd has raised $260 million in a private offering and is expected to IPO in the coming weeks. The fund, led by veteran artist manager Merck Mercuriadis, will purchase and manage US and UK song catalogs.
The company made the announcement in a letter to shareholders on Friday. Is said it had to scale back applications for shares after demand exceeded supply.
Hipgnosis also announced this week that it will list its shares on the main market of the London Stock Exchange in the coming weeks.
According the company's prospectus:
"Through extensive relationships in the music industry, a pipeline of catalogues has been identified which the company believes are not available to all potential purchasers."
Hipgnosis head Mercuriadis has previously served as the manager of Guns N' Roses, Iron Maiden, Elton John, Morrissey, Pet Shop Boys, Macy Gray, Mary J. Blige, Joss Stone, Jane's Addiction and others. From 1986 - 2007, he was the CEO of management group and label Sanctuary Group.
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