UK-based artist management and live booking company ATC Group has raised £4.15 million ($5.2m), with plans to list on the Apex segment of the Aquis Stock Exchange Growth Market this week.
According to a statement published on the London Stock exchange, ATC expects to list tomorrow (December 21), under the ticker ATC.
ATC’s market cap will be approximately £14.66 million ($19.3m) immediately after it starts trading.
The company is issuing 2,712,420 new Ordinary Shares at a price of 153 pence ($2) per share.
ATC’s company encompasses live rights, live agency, production, artist management and investment, and a range of music artist services.
The company is headquartered in London, with offices in Los Angeles and Copenhagen.
ATC established a livestreaming business called Driift as a response to the COVID-19 pandemic in 2020, with over 500,000 tickets sold since June 2020 in over 170 countries across 29 shows.
The company reports to have generated gross ticket revenues approaching $10 million ($13.2m).
In August 2021, music streaming company Deezer acquired a minority stake in Driift, which ATC has now revealed to be worth £2 million ($2.6m).
According to the statement published on the LSE, ATC’s Directors believe that the firm “is the only independently owned company in the industry housing talent management, live booking, livestreaming and talent services within the same group”.
ATC’s UK client base includes over 50 artists on its management roster and over 400 acts on the live roster.
The Group reveals that it generated an increase of 127% in consolidated revenues for the year ended 31 December 2020 to £7.5 million ($9.9m).
“The strength of our model, where we combine a number of music industry verticals under one roof, enables ATC to be more invested in and integrated with an artist’s overall business.”
Adam Driscoll, ATC Group
Adam Driscoll, CEO of ATC Group, said: “I am delighted that new investors have bought into our vision, appreciating the scale of the opportunity out there for a holistic artist-focused music Group in a rapidly evolving industry. The Board and I look forward to welcoming our new institutional and individual shareholders to the Group.
Added Driscoll: “We have built a strong position in our industry, representing artists such as Nick Cave and the Bad Seeds, The Smile, PJ Harvey, Faithless and Johnny Marr as well as organising the live performances of over 400 artists.
“Our livestreaming business, Driift, was established in response to the Covid pandemic and has since developed a reputation as one of the leading providers of premium content in the livestreaming market, producing successful events for the likes of Kylie, Bocelli, Dermot Kennedy and Niall Horan.
“The strength of our model, where we combine a number of music industry verticals under one roof, enables ATC to be more invested in and integrated with an artist’s overall business. This move onto the public markets will enhance our profile and strengthen our position in negotiating and executing on agreements with partners, suppliers and clients. In addition, this IPO provides us with additional resources as well as greater flexibility and capacity to build a significant business through organic growth and acquisition.”Music Business Worldwide