Seraphim Space Investment Trust, which invests in early and growth stage space tech companies, has raised gross proceeds of approximately £178.4m.
The capital raise was oversubscribed with demand exceeding the target fundraise amount of £150m, the company said.
The initial issue was made up of £150m by way of the initial placing, and £28.4m by way of direct subscriptions in connection with the company’s acquisition of the initial portfolio.
Will Whitehorn, chair of Seraphim Space Investment Trust, 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 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, added: “Space is now ‘open for business’ and no longer just the preserve for billionaires. 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 dollar investment opportunity.”
The IPO come just weeks after Liontrust failed to get its ESG trust off the ground after falling short of its £100m target.
Ben Yearsley, director at Fairview Investing, said: “Anything specialist raises money, anything else struggles. It almost feels like investors aren’t looking at the fundamentals and just buying into spicy stories. Unfortunately, boring UK or ESG just isn’t exciting enough presently.
“There is absolutely nothing wrong with buying into long term growth such as this [Seraphime Space Investment Trust], but it will undoubtedly be a very bumpy ride. The other clear winner over the last few years has been energy infrastructure – that’s done well due to the income characteristics on offer.”
See also: Scrapped Liontrust ESG Trust launch reflects challenging environment for fund raisings
