Seraphim Space Investment Trust plc, a newly established closed-ended investment company which will invest Space Tech, has announced that it has successfully reached it subscription target.

The company - which aims to invest in a diversified international portfolio of early and growth stage Space Tech businesses - has raised gross proceeds of approximately £178.4m pursuant to the Initial Issue of its ordinary shares.

Mark Boggett, CEO of Seraphim Space, declared that 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," he said.

Multi trillion

"With the space sector now at a major inflection point, ‘Space Tech' looks set to become a multi decade, multi trillion dollar 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".

The Initial Issue comprises:

  • Gross proceeds of £150m 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 £28.4m 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 £150m. Accordingly applications were scaled back so that commitments under the Capital Raise equal the £150m target amount, the company said in a statement.

"Economic revolution"

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, said: "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."