Shares in Gear4Music (LON:G4M) rose to a premium on its AIM debut this morning.
The music instrument retailer, which primarily operates online, raised £9mln in its AIM market IPO which saw shares sold to institutional investors at 139p.
Trading began today and the shares have this morning changed hands up to 145p each.
Chief executive Andrew Wass said he’s excited about the beginning of a new chapter, and added that the company is thrilled by investor enthusiasm for the AIM admission.
“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," Wass said.
Cash raised in the placing is earmarked for the continued development of Gear4music's ecommerce platform, as well as new investments into marketing initiatives and the opening of a ‘flagship’ showroom in London.