IN BRIEF: Seraphim Space net asset value rises 25% ahead of SpaceX IPO

Seraphim Space Investment Trust PLC - London-based investor in 'SpaceTech' companies, such as space-based mobile phone connectivity - Net asset value rises by 25% to GBP421.3 million, or 177.65 pence per share, on March 31 from GBP337.5 million, or 142.30p, on December 31. The three months represent Seraphim Space's financial third quarter. The NAV increase is driven by a 31% rise in the valuation of the trust's portfolio, minus performance fees and costs.

Seraphim says it has GP20.9 million in cash available for investment, down from GBP22.1 million on December 31, after it made a GBP700,000 follow-on investment in All.Space Networks Ltd, a satellite communications provider, in February. All.Space is set to be acquired by Nasdaq-listed York Space Systems Inc.

"Momentum continues to build, and we remain confident that NAV will continue to appreciate, supported by strong defence tailwinds and a structural shift in investor appetite, further catalysed by the anticipated SpaceX IPO, which could prove transformational, by being a catalyst for generating billions of new capital into the market," comments Mark Boggett, chief executive officer of Seraphim Space Manager LLP.

Space Exploration Technology Corp, Elon Musk's rocket, satellite and AI company, plans a US initial public offering in June, seeking to raise up to USD75 billion by selling only a fraction of its equity. Boggett doesn't say whether or not Seraphim Space intends to take part in the IPO.

Current stock price: 191.20 pence, down 8.7% in London on Wednesday

12-month change: up from 73.40p

By Tom Waite, Alliance News editor

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