SoftBank’s IPO PSPC Files May Acquire Vision Fund Portfolio Companies

SoftBank group-backed blank check firm SVF Investment filed a preliminary prospectus with the SEC on Monday for an initial public offering.

SVF Investment plans to list its common shares on NASDAQ under the symbol “SVFA” and to raise approximately $ 604 million on the IPO.

What happened: SVF Investment will issue 52.5 million units, each consisting of one Class A ordinary share and one quarter of a warrant. Each full warrant is exercisable at $ 11.50. In addition, the underwriters are entitled to an over-allotment option of 7.875 million units.

The main objective of PSPC is to acquire companies in the technological field, including a wide range of sectors such as mobile communications, semiconductors and other hardware, software, artificial intelligence and robotics, cloud computing, transportation technologies. , Consumer internet, fintech, computational biology, and other data-driven business models.

Notably, the record indicates that PSPC may consider acquiring companies in the investment portfolios of SoftBank or Vision Fund.

Why is this important: The file specifies that the acquisition of the companies of the Vision Fund from SoftBank or any decision of this type on business combinations will take place after a review by an independent valuation company.

In 2020, around 235 PSPCs collectively raised around $ 75 billion in the United States, according to the Financial Times based on statistics from Refinitiv.

Reports released on Monday revealed SoftBank’s plans to launch SPAC this week, with Goldman Sachs Group and Citigroup acting as principal bookkeepers.

Price action: SFTBY shares closed up 1.92% at $ 40.95 on Monday.

This story originally appeared on Benzinga.

© 2020 Benzinga does not provide investment advice. All rights reserved.

Benzinga, NASDAQ, SoftBank Group, SVF Investment Corp.

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