Hipgnosis has raised a further £156 million after its latest share placing with investors was oversubscribed.
The funding round for the music copyrights investment firm was launched last month with a target of £150m. Hipgnosis has reported “significant demand” among investors and opted to increase the gross proceeds of the placing.
The announcement follows Hipgnosis’ annual results, which showed the company controls catalogues valued at $2 billion (up to March 31). That is now closer to $2.5bn.
Merck Mercuriadis, founder/CEO of Hipgnosis Songs Fund Limited and The Family (Music) Limited, said: “I am once again delighted with the support from both our existing and new shareholders with an oversubscribed raise of over £156 million. We will deploy this immediately into our pipeline of songs and I am incredibly appreciative of the incredible songwriters who have entrusted us with their iconic works.
“We will now have a portfolio of almost $2.5bn of extraordinarily successful and culturally important songs, which offers a massive opportunity for us to add value with our song management which manages these songs with bandwidth and responsibility.”
The placing has now closed with 128,636,363 shares issued.