Shares of venture capital firm Molten Ventures (LON:GROW) rose 8.6% on Tuesday, making the stock the leading gainer in London’s mid-cap index.
The move in Molten’s share price came after the company disclosed that ICEYE, one of its portfolio companies, completed a Series F funding round that raised more than €1 billion at a primary valuation in excess of €10 billion.
Molten said the valuation from the funding round will lift the carrying value of its ICEYE holding to £317 million, an increase of £238 million on its previous valuation.
According to Molten, that uplift will boost the firm’s gross portfolio value by approximately 16% and raise net asset value (NAV) per share by about 117 pence.
For context on the company’s recent reported metrics, Molten recorded a fiscal year net asset value per share of 760 pence, up from 671 pence a year earlier.
The company did not provide additional commentary in the disclosure beyond the revised holding value, the size and valuation of ICEYE’s Series F round, and the expected impacts on gross portfolio value and NAV per share.
Data points cited in the update
- Molten shares rose 8.6% on Tuesday.
- ICEYE’s Series F raised more than €1 billion at a primary valuation greater than €10 billion.
- Molten’s ICEYE holding will be carried at £317 million following the round - an uplift of £238 million.
- The uplift increases Molten’s gross portfolio value by approximately 16% and NAV per share by about 117 pence.
- Molten reported fiscal year NAV per share of 760 pence, compared with 671 pence a year earlier.
Market context and immediate effect
The valuation update tied to ICEYE’s financing round translated into a material one-off uplift to Molten’s portfolio metrics, and the stock reacted with a strong intraday advance that left it at the top of the mid-cap index for the session. The company’s stated figures show the direct numerical impact on gross portfolio value and NAV per share, reflecting the accounting recognition of the higher carrying value for the ICEYE stake.
The disclosure is limited to the revised carrying value, the funding amount and valuation for ICEYE, and the consequent effects on portfolio value and NAV per share; the company did not expand on other portfolio items or broader strategic implications in the same announcement.