Seraphim Space Investment Trust PLC (LSE:SSIT) said a planned New York Stock Exchange listing of portfolio company HawkEye 360 could provide a 3.3% uplift to its net asset value.
The London-listed space tech investor said HawkEye 360 has filed for a US initial public offering that could value the business at around $2.76 billion post-money. The Seraphim trust holds a 10.1% stake in the company.
HawkEye is a US-based space technology company that uses satellites to detect and analyse radio frequency signals, providing intelligence on activities such as ship movements, GPS interference and electronic warfare for defence and government clients.
Based on the midpoint IPO price, this implies a roughly 33% increase in enterprise value versus the last carrying valuation. That would lift the value of Seraphim’s holding to about $60.8 million, which equates to an indicative increase in net asset value of £11.1 million, or 4.66p per share.
However, the final impact will depend on IPO pricing and completion, with no certainty that the listing will proceed. Any gains would also not be immediately realised, as the stake will be subject to a six-month lock-up period.
Mark Boggett, chief executive of Seraphim Space Manager, said the proposed IPO "will mark a significant milestone for both HawkEye 360 and SSIT's broader portfolio
This underscores the increasing maturity of the commercial SpaceTech sector and the pathway to public markets for scalable, profitable space-enabled businesses".
Yesterday, SSIT launched an equity raise to provide access for investors to one of the London stock market's only trust focused on private, growth-stage companies across the space sector.
Shares in Seraphim rose 2.2% to 204.4p on Tuesday morning.