Seraphim Space (SSIT), the £520m investor in unquoted, early-stage space tech companies, is looking to raise up to £350m in the C-share issue it announced earlier this month. According to a statement this morning, there is a Retail Book offer to private investors and an institutional placing both at £1 a share.

The money raised will go into a separate pool of assets and once invested will convert into Seraphim’s ordinary shares whose 226.5p price stands at a 54% premium over net asset value (NAV), a sign of strong investor demand to which the C-share is responding.

SSIT launched at 100p in July 2021 and after declining in the 2022 growth crash to a low of 26p in July 2023 has recovered strongly, up 309% in the past year 489% over three years.

Last month it published half-year results showing NAV jumped 20.1% in the second half of last year, mostly on the back of gains in its top four holdings ICEYE, AllSpace, D-Orbit and Hawkeye 360. Following this fund manager Mark Boggett came on to our “In the Hot Seat” show for an interview.

Our view

Matthew Read, senior analyst at QuotedData, said: “We are pleased to see SSIT is providing a retail offer for its proposed C share issue alongside a placing. SSIT’s manager has previously highlighted that it has a strong pipeline of investment opportunities, and it is often disappointing when raises of this kind are completed very quickly through institutional placings, leaving retail shareholders unable to participate. We believe strongly that retail investors should have the opportunity to participate in fundraises such as these on comparable terms to larger institutional investors.”

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