SoftBank Vision Fund's SVF Investment Corp takes SPAC route

(Reuters) – SoftBank Group Vision Fund’s blank-check company, SVF Investment Corp, filed to go public on Monday saying it would raise up to $525 million.

The company intends to have its units listed on the Nasdaq under the ticker “SVFAU” and Class A ordinary shares under “SVFA”.

According to the company, each unit, which consists of one Class A ordinary share and one-fourth of a redeemable warrant, is priced at $10. SVF said its IPO pricing is an estimate solely for calculating the SEC registration fee.

Citigroup, Deutsche Bank Securities and Cantor are underwriters to the IPO.

With SVF, SoftBank has joined the trend for special purpose acquisition companies (SPAC) – shell vehicles that raise money in an IPO before merging with a private firm. A record number of companies have taken the SPAC route to bypass the traditional IPO.

The group has been biding its time since efforts to raise capital for a successor to its $100 billion Vision Fund were unsuccessful following poor performance.

It has used its mounting cash reserves to take positions in listed U.S. tech firms and has a growing number of portfolio companies going public after the IPO window reopened.

Home-selling platform OpenDoor Technologies Inc, backed by SoftBank Group, which had its Nasdaq debut on Monday, also took the SPAC route.

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