Hipgnosis Songs Fund, which acquires music catalogues, is proposing a £300m fundraise just weeks after raising £51.1m in an intraday placing.
Hipgnosis said on Tuesday that the capital raise requires FCA approval of a prospectus, which is expected to be published before the end of September. The transaction will involve an issue of C shares, including an intermediaries offer, priced at 100p for acquisitions. There will also be a new 12-month share issuance programme.
The fund raised £51.1m at the end of August, when it said that it had already fully committed all of the capital from a £141.5m fundraising in April.
Hipgnosis will also apply to the FCA to move its shares from AIM to the premium segment of the main market in London.
JP Morgan and N+1 Singer will manage the capital raise.
Hipgnosis shares were unmoved by news of the fundraising, opening flat to the 105p Monday close and remaining at that level during the morning.