Seraphim Space Investment Trust's (LSE:SSIT) shares dropped sharply, falling 10.2% to 199.8p after the trust announced a 100p C-share raise via an institutional placing and RetailBook retail offer.
Klement notes the C Shares will sit as a separate class during deployment to reduce cash drag and are expected to convert into regular shares periodically based on quarterly NAVs, with the offer running as a 100p institutional placing alongside a RetailBook retail offer.
The analyst also pointed to the trust's recent portfolio strength, 24 holdings at a fair value of 198% of cost as at 31 December 2025, top‑10 holdings averaging 79% annual revenue growth and more than 85% of the portfolio expected to be EBITDA profitable in 2026, and notes the issue economics (2% fees on the 100p issue imply an opening NAV of 98p).
