Audioboom shares up 23% on news of interest from Spotify and Amazon

Audioboom shares

Shares in British podcast platform Audioboom are up more than 20 percent, reaching their highest since listing in December 2005, Bloomberg reported.

Audioboom Group shares on the London Stock Exchange on Monday morning were worth £21.75 ($29.4), up 23% from the close of trading on Friday.

The company's market capitalisation reached £306m ($414m) on 14 February.

Audioboom Group shares rose to a record high after Sky News reported on the evening of February 13 that Amazon and Spotify could decide and make offers to acquire the podcasting platform as early as February.

The channel's sources noted that both Amazon and Spotify's offers are likely to be made at a significant premium to the closing share price of £17.6 per share ($23.8) on Friday, February 11.

An analyst at Tradition Securities told Bloomberg that an acquisition of Audioboom would be a "good addition" to Amazon or Spotify. In his view, a bid valuing the stock between £19.5 ($26.4) and £21 ($28.4) would be fair and reflective of the platform's growth.

Audioboom is an on-demand audio distribution and podcasting platform.

Also, the company is based in London with offices in New York, Melbourne and Mumbai.