Retail investors flocked to the stock on debut, hoping the Glaswegian with a hell-raising past still had the Midas touch he used to discover Oasis, Primal Scream and other chart-toppers. McGee, who closed down his old record label Creation after a run-in with fellow shareholder Sony Corp of Japan, said he wanted to go it alone again, throw off the shackles of music multinationals and look to "bump into" his next superstar. "You've either got to go to Universal, Sony or whoever - or you go to the stock market," he told CNBC television. "I've had a dictatorial paymaster in Sony coming down from New York saying 'do it this way', 'do it that way'... I thought going to the stock market was actually a more interesting and creative way to approach my business." McGee owns about 39 percent of Poptones, but in effect the firm's entire market value hinges on the 39-year-old and his ability to spot another Oasis.

He plans to use the two million pounds raised in the flotation to sign new bands. Poptones also plans to use the Internet to help it distribute music, selling compact discs at 9.99 pounds, about five pounds less than high street retail prices. McGee's weakness is punk rock - he named Poptones after a song by Public Image Limited, the band fronted by former Sex Pistol John Lydon - but he looks at home in the City. "I'm not anti-commercial," he told Reuters before the listing. "I like selling lots of records." McGee said Poptones had signed a Japanese licensing deal with Sony but insisted that Sony's involvement would not compromise the independence of the firm.

After all, his previous dealings with Sony have done him no harm financially. McGee set up Creation in 1983 with a bank loan of 1,000 pounds ($1,489). In 1992, with Creation headed for financial ruin, Sony bought 49 percent of the business for $5.6 million. Over the next seven years, Creation sold 30 million records.