Seraphim unveils C share results
The space tech trust has taken in a chunk but not hit its maximum amount.
8th May 2026 10:33
by Dave Baxter from interactive investor
Space tech darling Seraphim Space Investment Trust Ord (LSE:SSIT) has raised £137 million via its C share placing, providing plenty of funds to put into “advanced investment opportunities” but falling short of a £350 million ceiling.
- Invest with ii: Buy Investment Trusts | Top UK Shares | Open a Trading Account
The trust’s fundraising took in £76.4 million via a placing, £15.1 million in a direct subscription from an institutional investor and £45 million through its retail offer.
Seraphim’s board and investment manager said they were “delighted by the response of institutional and retail investors, including existing SSIT shareholders”, to the issue, and noted that the proceeds would be deployed into investment opportunities that had already been identified.
The C shares, a separate pool of money established to avoid cash drag in the rest of the fund, will convert into ordinary shares at periodic intervals based on quarterly valuations. The trust should be able to carry out further C share issuance in future, up to a £350 million total, if needed.
A volatile name since its 2021 launch, SSIT is enjoying an extremely strong run at the moment thanks to space exploration advances and growing defence spending.
The main shares have returned more than 170% in the space of just six months.
- Ian Cowie: the case for defence and how to play the sector
- Sign up to our free newsletter for investment ideas, latest news and award-winning analysis
The fund has also seen plenty of good news in recent weeks, via the initial public offering (IPO) of major holding Hawkeye 360 Inc (NYSE:HAWK) and the recent bid for another big position, All.Space. Seraphim’s position in HawkEye is subject to a six-month lock-up, meaning it cannot sell the shares right away.
The recent successes of Seraphim are reflected in the valuation of its ordinary shares, which recently traded at around £2.28 and on a premium of around 60% to net asset value (NAV).
The C shares, by contrast, selling at £1, have offered a cheaper way in but could come with greater risk, given their focus on newer investments. They are expected to start trading on Tuesday 12 May.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.