Seraphim Space Investment Trust Raises £180m in Oversubscribed IPO

Written by: Christiana Okolie

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]https://www.londonstockexchange.com/news-article/market-news/results-of-the-issue/15053822

 

Seraphim Space Investment Trust plc, a newly established closed-ended investment company which will invest in a diversified international portfolio of early and growth stage Space Tech businesses, is pleased to announce that it has successfully raised gross proceeds of approximately £178.4 million pursuant to the Initial Issue of its ordinary shares (“Ordinary Shares”) as described in the prospectus published by the Company on 22 June 2021.

The Initial Issue comprises:

–      Gross proceeds of £150 million by way of the Initial Placing, the Offer for Subscription, Direct Subscriptions (other than any Direct Subscription in connection with the Company’s acquisition of the Initial Portfolio) and the Intermediaries Offer (the “Capital Raise”); and

–      Gross proceeds of approximately £28.4 million by way of Direct Subscriptions in connection with the Company’s acquisition of the Initial Portfolio.

The Capital Raise was oversubscribed with demand exceeding the target fundraise amount of £150 million. Accordingly applications were scaled back so that commitments under the Capital Raise equal the £150 million target amount.

As previously announced, on or before 31 December 2021, the Company will also acquire stakes in four Space Tech businesses (the “Retained Assets”) upon the completion or termination of currently pending corporate activity in relation to those assets. Assuming the successful completion of these transactions currently underway, the Company’s investment manager, Seraphim Space (Manager) LLP (the “Manager” or “Seraphim”), estimates approximately £70 million of value relating to the Retained Assets could be acquired by the Company[1]. This will:

  • Bring the total potential value of the seed assets to be acquired to approximately £100 million; and
  • Imply total gross proceeds pursuant to the Initial Issue and the acquisition of the Retained Assets of approximately £250 million.

 

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. 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”.

Deutsche Bank AG, London Branch (“Deutsche Bank”) and J.P. Morgan Cazenove are acting as Joint Bookrunners to the Company. Deutsche Bank is acting as Sole Sponsor to the Company.

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 plc (“Admission”). It is expected that Admission will become effective and unconditional dealings in the Ordinary Shares will commence at 8.00 a.m. (London time) on 14 July 2021. The Ordinary Shares will trade under the ticker “SSIT” (ISIN: GB00BKPG0138).

Defined terms in this announcement have the same meaning as defined in the Prospectus.[/vc_column_text][/vc_column][/vc_row]

Important Information

The information contained on this website is intended only for investors who are resident in the United Kingdom who are not US Persons (as defined in the US Securities Act of 1933, as amended) (“US Persons”) and may not be accessed by persons who are located in the United States, Canada, Australia, Japan, any member state of the EEA or the Republic of South Africa. Viewing the materials you are seeking to access may not be lawful in jurisdictions other than the United Kingdom.

The information on this website is for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities. The information on this website is general in nature and does not in any way constitute investment, tax, legal or other advice. If you are unsure as to whether the investments described on this site are suitable for you, we strongly recommend that you seek professional advice from a financial adviser before making any investment or financial decisions.

No securities of Seraphim Space Investment Trust plc (the “Company”) have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act”) or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. In addition, the Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the “Disagree” button below. The contents of this website must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, outside the United Kingdom and in particular in or into the United States, Australia, Canada, the Republic of South Africa, any member state of the EEA, Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving any such materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. None of the Company, its directors, Seraphim Space (Manager) LLP (“Seraphim”) or any of their respective advisers accept any responsibility for any violation by any person of any of these restrictions.

In addition, the securities referred to on this website may only be offered in member states of the European Economic Area (each a “Relevant State”) to the extent that such securities (i) are permitted to be marketed into the jurisdiction of the Relevant State pursuant to the Alternative Investment Fund Managers Directive 2011/61/EU; or (ii) can otherwise be lawfully offered or sold (including on the basis of an unsolicited request from a professional investor (as that term is used in the Alternative Investment Fund Managers Directive 2011/61/EU)).

The information on this website is general in nature and may be subject to amendment and updating without notice. None of the Company, its directors, Seraphim or any other person guarantees the accuracy or completeness of any information on this website or accepts any responsibility or duty to update any information, document or announcement contained on this website, and each such person disclaims all representations and warranties, whether express or implied, to the greatest extent permitted by applicable law and regulation. By continuing to use this website, you agree to the exclusion by such persons, to the greatest extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to the provision of and your use of this website and its content.

None of the Company, its directors, Seraphim or any other person accepts any responsibility in respect of any information contained on any other website which may be linked to or from this website.

This website is governed by the laws of England.

By clicking the “I accept” button below, you confirm, represent and warrant to the Company, its directors and Seraphim that you are located in the United Kingdom, you are not a US Person and you are not a resident of, or physically present in, the United States, Canada, Australia, Japan, any member of the state of the EEA or the Republic of South Africa or any other territory where to do so would breach applicable laws, rules or regulations; you are not investing or otherwise acting for the account or benefit of a US Person or a resident of the United States or Canada, Australia, Japan, any member of the state of the EEA or the Republic of South Africa or any other territory where to do so would breach applicable laws, rules or regulations; you are accessing this website for information purposes only; you have read, understood and agree to the disclaimer above; and you agree that you will not transmit or otherwise send any of the information on this website to persons outside the United Kingdom, including to any persons in the United States or to publications with a general circulation in the United States.