SoftBank Seeks To Raise Around $ 550 Million With Two More PSPCs

(Reuters) – Two blank check companies backed by SoftBank Group Corp aim to raise a total of around $ 550 million in their initial public offerings, regulatory documents revealed on Friday.

Special Purpose Acquisition Company (SPAC) SVF Investment Corp 2 has said it will sell 20 million units, including stocks and warrants, for $ 10 each when it goes public. SVF Investment Corp 3 has said it will sell 35 million shares at the same price. Here

SoftBank has tried to overcome the PSPC mania, with a blank check backed by managers of Japanese conglomerate Vision Fund – SVF Investment Corp – raising $ 604 million earlier this year.

Another SPAC led by the company’s chief operating officer, Marcelo Claure, aims to raise $ 200 million.

Even office-sharing startup WeWork is in talks to go public with a merger with a blank check company, a source said last month.

A SPAC, a shell company that raises funds during an IPO before later merging with a private company to list the latter, has become the structure of choice for many investors over the past year. .

PSPCs raised $ 24.26 billion in January, 20 times more than the same period in 2020, according to data from Refinitiv. Last month’s transportation already accounted for 30% of the $ 79 billion raised by PSPCs for all of 2020.

The two SPACs launched on Friday are backed by SoftBank Investment Advisers, which oversees the company’s Vision Fund, and will be listed on Nasdaq.

Citigroup, UBS Investment Bank, Deutsche Bank Securities, Cantor and Mizuho Securities are underwriters for both offers.