Yahoo Finance Seraphim: Investors rush to get on board space tech fund’s £180 million float
Seraphim Space Investment Trust lifted off on its London debut on Wednesday morning as investors delighted at a chance to explore a new frontier.
The Airbus-backed Seraphim Capital saw its near-£180 million raise oversubscribed amid support from both City institutions and retail investors. It plans to acquire stakes in early-stage space tech firms and invest in the next generation of galactic entrepreneurs.
The trust, trading under the stock market ticker SSIT, launched shares at 100p and they climbed as much as 5.5% to 10.5.5p in early trading.
It comes after Richard Branson's trip to the edge of space on board a Virgin Galactic rocket plane earlier this week brought space tourism a step closer. Will Whitehorn used to be president of Virgin Galactic and is now chairman at Seraphim.
Whitehorn said: “Space is the final investment frontier but our team has boldly invested where virtually no one has invested before and proved that there are returns out there above the atmosphere.
"With the industrial revolution now underway in space, the opportunities can only grow and I am confident this investment trust will grow with them.”
Deutsche Bank and JPMorgan acted on the IPO.
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