Merck Mercuriadis' Hipgnosis Songs has raised another £51.1 million from investors, taking its total to almost £400m since its IPO.
The funds were raised principally from existing shareholders at a price of 105.5 pence per share.
Hipgnosis listed on the London Stock Exchange in July last year.
I'm very grateful for the constant enthusiasm and support that the finest institutional investors in the world have given to us
Mercuriadis (pictured), founder of The Family (Music) Limited and Hipgnosis Songs Fund Limited, said: “We are delighted to continue giving our shareholders exposure to music royalties via new acquisitions of some of the most iconic songs of all time.
"I’m very grateful for the constant enthusiasm and support that the finest institutional investors in the world have given us to establish songs as an asset class. This is not only great for the investors but the songwriting and artistic community as well.”
Hipgnosis' maiden financial results showed that from June 8, 2018 to March 31, 2019, its net asset value grew 4.6% from 98.74 to 103.27p per share. The 12 catalogues it acquired during the period generated revenues of £7.2m – growing by 9% from the prior year – driven by increasing streaming revenues and improved song placement.