Seraphim Space IT raises £180m in oversubscribed IPO

Space is 'open for business'

The Seraphim Space investment trust has raised £178.4m via its initial issue of ordinary shares, following the announcement of its IPO on the 11 June.

The trust, which will invest in early-stage space tech firms, saw gross proceeds of £150m via the initial placing, the offer for subscription, direct subscriptions and the capital raise. A further £28m came from direct subscriptions from the company's acquisition of the initial portfolio - the Seraphim Space fund - which comprises 15 seed assets. The trust's target fundraise of £150m was therefore oversubscribed, meaning applications were scaled back to equal its £150m target amount. Seraphim Space aims to create long-term growth through a diversified global portfolio of space tech bu...