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Should you invest in Seraphim Space’s IPO?

Space technology investor Seraphim Space Investment Trust is expected to start trading on 14 July. Here are some considerations for investors ahead of launch day.

  • Seraphim Space IPO: When will trading begin?
  • What does Seraphim Space Investment Trust do?
  • How to trade Seraphim’s IPO
  • What are the details of the IPO?
  • How will the IPO proceeds be used?
  • What are the risks associated with the IPO?
  • Interested to trade the Seraphim Space IPO before or after the listing? Open an account with us to get started immediately.

Seraphim Space IPO: when will trading begin?

Space technology investor, Seraphim Space Investment Trust PLC, announced on 11 June 2021 its intention to launch an initial public offering (IPO) and to begin trading on the main market of the London Stock Exchange (LSE).

Applications for shares at the IPO price close at 13:30 GMT+1 on Friday (09 July 2021) with IG. Settlement for the shares and admission is expected to take place on or before Wednesday (14 July) at 08:00 GMT+1.

Following that, the company will begin trading on the LSE.

Find out more about the Seraphim Space IPO and how you can invest

What does Seraphim Space Investment Trust do?

Seraphim Space Investment Trust is a closed-ended investment company, whose main interest lies in generating long-term capital growth through investment in a diversified international portfolio of early and growth stage space tech businesses.

The company, which will be the world’s first listed space tech fund, is targeting an annualised net asset value total return of at least 20% over the long term.

Its investment manager, Seraphim Space (Manager) LLP, has been a leading global investor in the space sector since 2016 and has a proven track record investing in space tech with the Seraphim Space Fund, the world’s first venture capital fund to be focused on new space technologies.

How to trade Seraphim’s IPO

Get exposure to Seraphim Space Investment Trust before and after its initial public offering (IPO) – with IG, the world’s leading spread bet and CFD provider.

Open an account with us to get started today.

Before the listing

IPO subscription (primary market)

  1. Open an IG share dealing account
  2. Create an account with PrimaryBid and link it to your IG account by providing your IG share dealing account ID
  3. Place your order on PrimaryBid

You can subscribe to the Seraphim Space Investment Trust until 1.30pm (UK time), 9 July 2021 – the minimum subscription is £1000.

Learn more about how to subscribe to IPOs with us.

After the listing

We’ll offer Seraphim Space Investment Trust shares on the day of its IPO. Once the market opens at 8am (UK time), the shares will be available for you to buy through share dealing.

With us, you can invest in UK shares from £3 – if you’ve traded three or more times in the previous month. Our standard rate is £8 per trade.

Open an IG share dealing account to get started.

What are the details of the IPO?

Seraphim Space Investment Trust is targeting gross proceeds of up to £180 million through the issue of up to 180 million ordinary shares at 100 pence per ordinary share.

The ordinary shares, denominated in pounds sterling and have nominal value £0.01 each, have no fixed term.

The issuance comprises: an issue of up to 150 million ordinary shares by way of the initial placing, the offer for subscription, direct subscriptions and the intermediaries offer; and an issue of up to 30 million ordinary shares to be subscribed by way of direct subscriptions in connection with the company's acquisition of the initial portfolio.

Following completion of the initial issue, further ordinary shares may be issued pursuant to the Share Issuance Programme. The maximum number of ordinary shares that may be issued pursuant to the initial issue and the Share Issuance Programme is 500 million.

How will the IPO proceeds be used?

The company will, pursuant to a sale and purchase agreement and conditional on a successful IPO, acquire an initial portfolio of 15 seed assets from the Seraphim Space Fund.

They include stakes in several unicorns such as: Arqit, a British-based quantum encryption company; Spire Global, a provider of satellite based global weather forecasting, maritime and aviation predictive analytics; and AST & Science, a space-based cellular broadband network aiming to provide global 4G connectivity accessible to standard smartphones.

Another four assets will be acquired on or before 31 December 2021.

In addition to the issue of ordinary shares in connection with the acquisition of the seed assets, the company is intending to raise new capital through the further issuance of ordinary shares to institutional investors and eligible UK retail investors at 100 pence per ordinary share.

What are the risks associated with the IPO?

There can be no guarantee that the investment trust will achieve its investment objective.

There is also no guarantee that it will achieve its stated target total return and therefore achieve its return objective.

Additionally, the company has not entered into any legally binding contractual arrangements to acquire any investments save for the initial portfolio and the retained assets.

There can therefore be no assurance as to how long it will take for the company to fully invest the net issue proceeds.

‘Any delays in full deployment of the net issue proceeds may have an impact on the company’s results of operations and cash flows and the ability of the company to achieve the stated target total return,’ it noted in its prospectus.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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