Seraphim Space net asset value gets rocket boost from SpaceX IPO
Seraphim Space Investment Trust PLC on Thursday said net asset value per share more than doubled in its recent financial year, as the listing of Elon Musk's SpaceX drove a rally in the wider 'SpaceTech' company sector.
Seraphim Space reported total NAV of £704.4 million on June 30, up from £281.1 million a year before. This works out as 240.49 pence per ordinary share, up from 118.52p.
As is common with closed-end investment trusts, the company's market capitalisation lagged its NAV but still also more than doubled over the past year, rising to £553.3 million on June 30 from £203.0 million a year before.
Seraphim Space shares were quoted at 194.00 pence on Thursday morning in London, down 2.5% on the day. Over the past 12 months, however, the stock price has more than doubled from 83.40p.
Space Exploration Technologies Corp completed its record-breaking initial public offering in the US in June, raising USD85.7 billion and gaining a USD1.8 trillion market cap at the offer price.
Seraphim Space itself doesn't report any holding in SpaceX, but it said the IPO generated a huge amount of interest in the wider industry, pushing it into the "mainstream" of investment.
"The past year was a watershed period for the space sec tor, cementing SpaceTech as a defining technological force," said Chair Will Whitehorn. "SpaceX's record-breaking IPO was the exemplar, marking SpaceTech's arrival as a mainstream investment category and underscoring the sector's growing commercial and strategic importance."
Whitehorn said SpaceX inevitably will be a "bellwether" for the wider SpaceTech market, for better or worse. "Its share price performance may continue to create periods of sector volatility while its valuation settles," he said.
After debuting at USD135 a share, SpaceX rose as high as USD201.80 before falling below its offer price to hit USD108.27 in mid-August. The stock was trading at USD148.12, down 2.7%, in pre-market dealings in NY on Thursday.
More directly influential for Seraphim Space, its portfolio holding All.Space Ltd was acquired by York Space Systems Inc in July at a value for All.Space higher than the trust's investment in 2021.
Seraphim Space doesn't pay a dividend. "Due to the nature of the company's investments and its focus on achieving capital growth over the long term, we do not anticipate recommending payment of a dividend in the foreseeable future," it said on Thursday.
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