We have lift off!

We have lift off! – Seraphim Space raises £178.4m

Seraphim Space Investment Trust, which will invest in a diversified international portfolio of early and growth stage space technology businesses, is pleased to announce that it has successfully raised gross proceeds of approximately £178.4m from its initial issue of shares.

The money raised from the initial issue was made up of:

• Gross proceeds of £150m from the placing, the offer for subscription, direct subscriptions and the intermediaries offer; plus
• Gross proceeds of approximately £28.4m by way of an issue of shares in exchange for the purchase of the initial portfolio.

The fundraise was oversubscribed, with demand exceeding the target fundraise amount of £150m. Accordingly applications were scaled back.

As previously announced, on or before 31 December 2021, the plan is that the company will also acquire stakes in four businesses (describes as the “Retained Assets” in the prospectus). These purchases and their timing depend upon the completion or termination of currently pending corporate activity in relation to those assets. These are thought to be worth about £70m and will be bought in exchange for shares. Therefore, the total value of shares issued could eventually be close to £250m.

Will Whitehorn, chair of Seraphim Space Investment Trust plc, commented: “Seraphim is the world’s number one investor in Space Tech, a sector that to date has been driven by private capital. 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.”

Mark Boggett, CEO of Seraphim Space, said: “Space is now “open for business” and no longer just the preserve for billionaires [which we guess is a reference to Branson and Bezos – Richard Branson finally made a trip in his Virgin Galactic rocket plane at the weekend. Bezos is scheduled to launch on July 20th].  Seraphim Space Investment Trust is aiming to back the next generation of space entrepreneurs who are looking to harness the infinite potential of space to help solve some of our world’s most pressing problems. With the space sector now at a major inflection point, ‘Space Tech’ looks set to become a multi decade, multi $trillion investment opportunity – one which Seraphim is already at the forefront of.

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“.

Application has been made for the admission of 178,414,562 ordinary shares to the Premium Segment of the Official List and trading on the Main Market of the London Stock Exchange. The target is that admission will become effective and dealings start 8.00 a.m. (London time) on 14 July 2021.

SSIT : We have lift off!