27th Apr 2026 10:01
Seraphim Space Investment Trust PLC - London-based investor in 'SpaceTech' companies, such as space-based mobile phone connectivity - Launches equity raise first announced earlier this month. The equity raise will be via an issue of new C shares at 100 pence each. It will consist of a placing of shares with institutional investors by brokers Deutsche Numis and JP Morgan Securities and a retail share offer via the RetailBook platform.
Seraphim Space didn't set a fundraising target, but it called a general meeting for May 6 to approve the raise, at which it will ask for authority to issue up to 350 million shares. This would be worth GBP350 million at the offer price, which is two thirds of the company's existing market capitalisation. The retail offer will close on the day of the GM, while the institutional will remain open until May 7. The retail offer is dependent on the placing and will be at the same 100p price.
Seraphim Space says funds from the equity raise will be deployed into its pipeline of investment opportunities, and the C shares will remain a separate share class during the deployment phase to reduce cash drag for existing shareholders. They will convert into ordinary shares at periodic intervals.
"The SpaceTech market is now at a critical inflection point," Seraphim Space says. "Recent developments have caused a significant cost reduction in access to Space, with lower satellite and launch costs - there are few parts of the global economy that will be unaffected by space.
"SpaceTech's accelerating growth is being driven by global security concerns, desire for climate sustainability and the search for the next generation of infrastructure for telecoms and AI."
Current stock price: 200.00p, down 10% in London on Monday morning for GBP460.6 million market value
12-month change: more than tripled from 51.80p
By Tom Waite, Alliance News editor
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