Seraphim Space Investment Trust rallied £178.4m on Friday as people piled into the space tech investor’s initial public offering.
The lofty IPO faired well on the London market which has recently been driven by tech companies, particularly as it floated in the shadow of tech firm £8bn Wise which went public just days before.
“Space is now “open for business” and no longer just the preserve for billionaires,” Seraphim CEO Mark Boggett said.
The company was eyeing a £150m fundraise, but the added funds will help Seraphim Space Investment Trust snag stakes in four space tech businesses worth £70m.
“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.
“With the space sector now at a major inflection point, ‘Space Tech’ looks set to become a multi-decade, multi $trillion investment opportunity – one which Seraphim is already at the forefront of.”
Deutsche Bank’s London branch and J.P. Morgan Cazenove acted as bookrunners for the float.