UK streaming company Roxi Music has appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
Roxi, which counts Robbie Williams and Sheryl Crow among its shareholders, aims to go public in the fourth quarter of 2019 and is expected to fetch a valuation of £50mln.
Chief executive Rob Lewis said: “As the sole UK company offering full catalogue music streaming services, an IPO on AIM will enable Roxi Music to scale up the business and take our successful product international, ensuring the UK’s place in the next stage of the digital music revolution.”
The company has developed a technology that is operated by a handheld device and gives users access to music streaming, music games and karaoke.
The product retails at £99.95 and comes with a box that hooks up to televisions and a microphone-installed remote.
It includes a year’s access to a catalogue of more than 35 million songs. Once the year is up, the service costs £5 a month which is half the price of Apple Inc (NASDAQ:AAPL) and Spotify Technology (NYSE:SPOT)
Williams and Crow promoted the device and received shares in the business.
Roxi said the London flotation will help it to ramp up TV marketing campaigns in the UK and the US, as well as develop a new range of music entertainment products as it looks to take on industry heavyweights Spotify and Apple.