Seraphim Space Investment Trust (Seraphim) is set to become the world’s first listed space tech fund, which will trade on the main market of the London Stock Exchange
The company is set to launch an initial public offering (IPO) on the official list of the FCA and expects to publish a prospectus in the coming weeks.
Seraphim is a newly established closed-ended investment company, which will invest in a diversified international portfolio of early and growth stage space tech businesses. It will be targeting annualised NAV total return of at least 20 per cent. over the long term.
The company’s investment manager is Seraphim Space, a leading tech investor since 2016, with extensive early access to companies that it believes will shape a new economic revolution. It has a proven track record of investing in space tech with Seraphim Space with the Seraphim Space Fund, the world’s first venture capital fund focused on new space technologies that is currently demonstrating an IRR of 31 per cent.
Seraphim will acquire a portfolio of 19 seed assets from the Seraphim Space including stakes in several unicorns such as Arqit, a British-based quantum encryption company, Spire Global, a leading provider of satellite based global weather forecasting, maritime and aviation predictive analytics, and AST & Science, the first and only space-based cellular broadband network aiming to provide global 4G connectivity accessible to standard smartphones.
These assets will be purchased for cash and the existing investors in the Seraphim Space Fund will use that cash to subscribe for ordinary shares in the company.
Mark Boggett, chief executive officer of Seraphim Space said: “The importance of the space sector to all our futures has never been greater. Satellites have a critical role to play in addressing some of the biggest challenges of our times. The data captured by satellites can help us monitor and mitigate the effects of climate change and drive a more sustainable future. Likewise, it is the connectivity delivered from space that will enable the three billion people still without internet access to get online. With the paradigm shift in the economics of space meaning it can now cost as little as $100,000 to build and launch a shoe-box sized satellite, the space sector is undergoing rapid growth. As new constellations of thousands of satellites start to come online, a new digital infrastructure.”