Space technology investors Seraphim Space Investment Trust (Seraphim) have raised £178.4m from an oversubscribed initial public offering (IPO) listed on the main market of the London Stock Exchange.
The company is investing in a diversified international portfolio of early and growth stage space technology businesses.
The recorded results follow the initial issue of ordinary shares, as described in the prospectus published by Seraphim on 22 June 2021.
Deutsche Bank AG, London Branch (Deutsche Bank) and J.P. Morgan Cazenove are acting as joint bookrunners to the company, with Deutsche Bank acting as sole sponsor.
The capital raise was oversubscribed with demand exceeding the target fundraise amount of £150 million.
Accordingly, applications were scaled back so that commitments under the capital raise equal the £150 million target amount.
Will Whitehorn, chair of Seraphim Space Investment Trust plc, said: “Our IPO on the Main Market of the London Stock Exchange gives investors unparalleled early access to companies that will shape a new economic revolution. We are delighted with the support received from retail and institutional investors alike. We look forward to playing our part, as an ambitious investor, in the space industrial revolution which is now underway around the globe and above it.”
The announcement follows its investment in two UK companies
Seraphim is aiming to acquire stakes in four space technology businesses following the conclusion of pending corporate activity involving those assets, with a target date of 31 December to finalise the transactions.
Seraphim estimates approximately £70 million of value relating to the four businesses could be acquired by the company.
This will bring the total potential value of the seed assets to be acquired to approximately £100 million. It will also suggest total gross proceeds pursuant to the initial Issue and the acquisition of the four businesses of approximately £250 million.
Mark Boggett, chief executive officer of Seraphim Space, added: “Seraphim Space Investment Trust is offering for the first time public market investors the opportunity to get diversified exposure to the private companies leading this exciting investment area. We are delighted that investors in our IPO share our enthusiasm for helping to make science fiction become science fact”.
