June 10 (Reuters) – Fund manager Franklin Resources, better known as Franklin Templeton, will participate in rocket maker SpaceX’s blockbuster initial public offering this week, Chief Executive Jenny Johnson told CNBC on Wednesday.
In an interview with CNBC, Johnson said clients were calling the asset manager and asking if the company was involved in the SpaceX IPO.
“In fact, we already have exposure and will participate in the IPO. Every time there is a hot IPO, that gets everyone excited again about the markets and the opportunities in the innovation story there,” Johnson said.
The San Mateo, California-based company, which manages nearly $1.7 trillion in assets, already has exposure to SpaceX as it has been investing in late-stage private companies through its growth equity funds for more than a decade, he added.
SpaceX is currently on track to raise $75 billion at a valuation of approximately $1.8 trillion. The company’s long-awaited debut is scheduled for Friday.
The company has “attracted more than $250 billion in investor demand for what is shaping up to be the largest IPO in history,” Reuters reported on Tuesday, citing people familiar with “the matter.”
SpaceX had also held talks with Saudi Arabia’s Public Investment Fund for a possible anchor stake of around $5 billion in the initial public offering, Reuters reported in April, citing two people familiar with the matter.
(Reporting by Arasu Kannagi Basil in Bengaluru and Hyunsu Yim in Barcelona; Editing by Shreya Biswas)