Seraphim Space notes HawkEye 360 IPO; equity valuation USD2.84 billion

(Alliance News) - Seraphim Space Investment Trust PLC on Thursday noted the initial public offering of its portfolio company HawkEye 360 Inc on the New York Stock Exchange.

The London-based investor in 'SpaceTech' companies, such as space-based mobile phone connectivity said HawkEye 360 announced it has priced its IPO at USD26 per share and is issuing 16 million new shares, raising about USD416 million.

The IPO pricing implies a post-IPO equity valuation for HawkEye 360 of about USD2.84 billion, Seraphim Space said.

The shares are expected to begin trading on the New York Stock Exchange on Thursday, with the offering expected to close on Friday.

Seraphim Space holds around 2.4 million shares in HawkEye 360 which accounted for 10.1% of the company's net asset value as at December 31. That implies a valuation of Seraphim Space's holding in HawkEye 360 of around USD63.2 million, based on the USD26 share price.

Seraphim's Space's investment will be subject to a lock-up agreement for the six months post-IPO.

HawkEye 360 delivers secure end-to-end signals intelligence solutions integrated into national security systems. It is a partner of the US government and its allies and, according to Seraphim Space, is the first commercial space-enabled defence technology firm to "disrupt electronic warfare operations at scale."

"While SSIT intends to realise long-term value through exiting its investments over time, it is permitted to continue to hold portfolio companies after their IPO," Seraphim Space said.

Seraphim Space Chief Executive Officer Mark Boggett said: "The successful pricing of HawkEye 360's IPO at the top of its range is a major milestone and a strong validation of its position as a critical provider of space‑based intelligence to the US Department of War and allied governments globally. Our long‑standing conviction was built through deep insight into the Earth Observation market, enabling us to co‑lead the Series D following SSIT's IPO in 2021.

"As demand for resilient, independent intelligence capabilities accelerates, HawkEye 360 has emerged as the clear market leader. This IPO reflects both the company's execution and the growing maturity of SSIT's portfolio, which comprises later‑stage SpaceTech leaders with scalable revenues, improving profitability and credible paths to the public markets."

Seraphim Space shares rose 1.1% to 225.50 pence each on Thursday afternoon in London.

By Tom Budszus, Alliance News slot editor

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