Ambitious UK online retailer Gear4Music successfully floated on the London AIM last week, with shares opening at 143p.
The IPO, which saw its entire capital of just over 20,000 shares offered, raised £9m for the firm, which it intends to invest in a flagship central London store, pay off debt and reinvest in its e-commerce platform and brand equity.
Initial trading saw the price rise to a high of 143.5p before hoveringaround the 141p-142p mark, closing yesterday at 142.5p. The firm trades on the AIM under the EPIC code G4M.
Gear4Music CEO, Andrew Wass (pictured), said: “We have been thrilled by the investor enthusiasm and support for our admission to AIM and are very excited about beginning the next chapter in our development. I would like to take this opportunity to welcome our new shareholders and look forward to updating them and the wider market on our continued progress as we look to build on our strong track record of growth.”
