Tha SoftBank Group Corp. plans to raise as much as $ 630 million through two other blank check companies, taking advantage of investor demand for the vehicles.
The Tokyo-based technology conglomerate said it would create the special purpose construction companies less than two months after they filed to create a $ 525 million vacant survey company. SPACs are looking to partner with private companies, letting go trade publicly while avoiding some of the uncertainty of the first public offering. The vehicles have become a popular way for beginners with list campaign support on the public markets. More than $ 35 billion was raised by the 117 SPACs that went public on U.S. exchanges this year, according to data compiled by Bloomberg.
The new SoftBank vehicles, SVF Investment Corp. 2 and 3, focusing on the same diverse technology areas as the first, including mobile communication and artificial intelligence, according to filters on Friday with the Securities and Exchange Commission. Because the SPACs are of different sizes, they can work with companies of different quality.
SVF 2 has entered into a forward purchase agreement in which it has pledged $ 100 million to $ 150 million in capital for when it mixes with another company, its guidebook shows . SVF 3 has entered into a forward purchase agreement in which it has pledged $ 150 million to $ 200 million in capital for when it mixes with another company, its guidebook shows .
For each new vehicle, there will be one division and one fifth of warranty in each unit of the SPAC. The listings are advised by Citigroup Inc., UBS, Deutsche Bank AG, Cantor Fitzgerald and Mizuho Securities.
The SVF 2 management committee is led by Munish Varna, managing partner at SoftBank Vision Fund, and the SVF 3 management committee is led by Ioannis Pipilis. SoftBank’s the first SPAC is led by Vision Fund Chief Executive Rajeev Misra. The Chief Financial Officer of Navneet Govil Vision Fund serves as CFO of the three SPACs. They are all managed by SoftBank Investment Advisors, which also runs the company’s Vision Fund.
With three SPACs launching SoftBank to a growing collection of companies with multiple blank check vehicles, including the Gores Group and Palihapitya’s Capital Social Hedosophia Group.