Seraphim Space Investment Trust plc's (LSE:SSIT) portfolio company HawkEye 360 (NYSE:HAWK) has priced its IPO at $26 a share, implying a $2.84bn post‑IPO equity valuation and a New York Stock Exchange listing as HAWK on 7 May.
HawkEye 360 is issuing 16m shares at $26, raising $416m gross, with trading due to start on 7 May and the offering expected to close on 8 May.
"The successful pricing of HawkEye 360's IPO at the top of its range is a major milestone," Mark Boggett, Chief Executive Officer of Seraphim Space and Investment Manager to Seraphim Space Investment Trust, said.
SSIT holds 2.43m HawkEye 360 shares, an implied value of about $63.2m at $26 that represented 10.1% of SSIT's NAV at 31 December 2025, and the announcement states HawkEye 360's enterprise value net of IPO proceeds rose 38% versus the EV used for SSIT's last valuation.
HawkEye 360 will use proceeds to expand commercial and government radio‑frequency intelligence capabilities, prioritising satellite constellation growth, technology development and global market expansion.
SSIT's stake is subject to a six‑month post‑IPO lock‑up while the trust may continue to hold portfolio companies after listing, and the announcement names Deutsche Numis and J.P. Morgan Cazenove among advisers.
