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, CEO Jenny Johnson told CNBC on Wednesday.
Speaking on a CNBC interview, Johnson said clients were calling up the asset manager and asking if the firm was involved in the SpaceX IPO.
“We actually already have exposure and we will participate in the IPO. Anytime you have kind of a sexy IPO, that gets everybody excited again about the markets and the opportunities in the innovation story there,” Johnson said.
The San Mateo, California-based firm, 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 over a decade, she added.
SpaceX is currently on the road aiming to raise $75 billion at roughly a $1.8 trillion valuation. The firm’s hotly anticipated debut is scheduled for Friday.
The firm has drawn more than $250 billion of investor demand for what stands to be the largest-ever IPO, Reuters reported on Tuesday, citing people familiar with the matter.
SpaceX had also held discussions with Saudi Arabia’s Public Investment Fund for a potential anchor stake of around $5 billion in the IPO, 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)
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