Shares in Seraphim soar on ICEYE fundraising

(Sharecast News) - Shares in Seraphim Space Investment Trust rocketed on Tuesday, after its largest holding announced a multi-million euro fundraising, boosting its valuation. The space-themed investor said ICEYE, a specialist in sovereign intelligence from space, was raising €450m through a primary Series F financing round led by General Atlantic at a valuation of more than €10bn.

While still subject to regulatory approvals, the fundraising - which is set to close in the third quarter - will lift the fair value of SSIT's holding in the business by 102%, to around £202m. ICEYE is SSIT's largest portfolio holding, representing 47.1% of the company's net asset value as at 31 March.

As at 1100 BST, the stock had soared 14% at 214p.

James Bruegger, chief investment officer at Seraphim Space Manager, called the financing a "significant milestone" for Finland-founded ICEYE, which employs around 1,000 people and has so far supplied sovereign satellites to seven European governments.

He continued: "Achieving a valuation of over €10bn is a strong endorsement of ICEYE's leadership position in space-based intelligence and reflects the growing strategic importance of sovereign intelligence, resilience and real-time situational awareness capabilities.

"For SSIT shareholders, this financing round demonstrates the company's ability to provide access to category-leading space tech companies at the forefront of some of the most important technological and geopolitical trends shaping the global economy."

SSIT, which became the world's first listed fund focused on space technology when it debuted in 2021, is due to be promoted to the FTSE 250 later in June.

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