SoftBank will deposit on Monday to raise between 500 and 600 million dollars through an IPO from its first SPAC, Axios learned from several sources.
Look forward: The investment giant is said to be preparing at least two additional SPACs, which are check-free vehicles that raise money to buy a company and make them public through a reverse merger.
Details: As previously reported by Axios, Goldman Sachs and Citigroup are leaders in process management, with SPAC destined to buy a company in which SoftBank has not previously invested.
- The SPAC sponsor will be SoftBank Investment Advisers, which manages the $ 100 billion Vision Fund and Vision Fund 2 (unknown size, fully funded from SoftBank’s balance sheet).
- SoftBank has never raised a SPAC before, but portfolio company OpenDoor agreed in September to be acquired by a SPAC at an enterprise value of $ 4.8 billion. He also recently lost a pair of partners to the Gores group, where they will focus on SPACs.
A SoftBank spokesman declined to comment.