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Summary
- Seraphim Space Investment Trust, a UK-based space tech fund, announced plans to float an IPO on the LSE.
- This will make it the world’s first space tech fund to be listed on an exchange.
- The funds raised from the IPO will be used to expand the company’s international portfolio.
An UK-based space technology closed-end investment company, Seraphim Space Investment Trust Plc (SSIT), announced on Friday its plans to float an initial public offering (IPO) in the London Stock Exchange, which will make it the world’s first listing of a space tech fund. Seraphim Space, a division of venture capital investor firm Seraphim Capital will be managing the fund.
A space tech business is commonly defined as a company, which uses space-based connectivity, navigation and timing signals. It can also include businesses, which are either addressing, originally derived from or can potentially benefit the space sector.
Also Read: Blue Origin, Virgin Galactic delay trip to space
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IPO facts
The fund was launched in 2016. SSIT aims to target at least a 20 per cent annual net asset value (NAV) total return over the long term. Seraphim’s current initial rate of return stands at 31 per cent. The company also plans to acquire 19 seed assets or early-stage space tech businesses from the Seraphim Space Fund, thus resulting in a company’s aggregate valuation of £26.1 million.
The fund will thus have stakes in companies such as UK-based quantum encryption platform Arqit Limited, satellite and predictive data provider firm Spire Global Inc and space-based cellular broadband company AST & Science Inc, which can be used by smartphones.
To help the existing investors in Seraphim Space Fund to subscribe to ordinary shares in Seraphim Space Investment Trust Plc, to be bought at a price of 100 pence each ordinary share, the assets will be purchased in cash.
Details regarding the number of shares to be issued, listing price, valuation and market cap and IPO listing date are yet to be confirmed by the company. However, the company stated that the capital raised from floating on the market would be used to expand the fund’s international portfolio.
Also Read: Rocket Lab All Set To Test Space Vehicle’s Reusability
Space tech sector
There has been a sudden pace in recent years to commercialise spaceflight. Blue Origin led by Amazon’s CEO Jeff Bezos, Virgin Galactic by Virgin’s Richard Branson and SpaceX by Tesla’s founder Elon Musk has all made their foray into the sector.
NASDAQ listed Rocket Labs is also a New Zealand based entry into the sector, further heating up competition within the sector.
