- GeneralSPAC
- February 7, 2021
- 3 minutes read
SoftBank Files For Two More SPACs
Less than two months after it filed to launch its first special-purpose acquisition company (SPAC), the Japanese technology conglomerate SoftBank…
Less than two months after it filed to launch its first special-purpose acquisition company (SPAC), the Japanese technology conglomerate SoftBank is back with filings for two more SPACs that are seeking to raise as much as $630 million on the public markets.
SoftBank’s two new SPACs, SVF Investment Corp 2 and SVF Investment Corp 3 respectively, have filed to raise $200 million and $350 million respectively. If additional share purchase warrants are exercised, they’ll raise up to $230 million and $400 million respectively, summing up to $630 million.
Both of SoftBank’s new SPACs will target companies in the technology sector, noting the sectors of mobile communications and artificial intelligence in their filings.
SVF 2 is led by Munish Varna, a managing partner at SoftBank’s Vision Fund, while SVF 3 is led by Ioannis Pipilis, a SoftBank executive who was until 2019 the head of the bond training unit at the German investment bank Deutsche Bank. These two SoftBank executives join Rajeev Misra, the head of SoftBank’s Vision Fund, as the respective chairs of the company’s three SPACs.
With three SPACs under its belt, SoftBank is mirroring firms such as Social Capital Hedosophia, Appollo Global Management, and the Gores Group, which have each launched multiple SPACs on the public markets.
The investment banks UBS, Citigroup, Deutsche Bank, Cantor Fitzgerald, and Mizuho Securities are advising on the listings for SoftBank’s new SPACs.
