SoftBank will file on Monday to raise between $ 500 million and $ 600 million through an IPO of its first SPAC, Axios has learned from multiple sources.
Looking forward: The investment giant is reportedly preparing at least two additional SPACs, which are blank checks that raise money to buy a company and make it public through a reverse merger.
Details: As Axios previously reported, Goldman Sachs and Citigroup are leading the process, with the SPAC looking to buy a company in which SoftBank not previously invested.
- The SPAC sponsor is 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 before disbanded a SPAC, but the portfolio company OpenDoor agreed in September to be acquired by an SPAC for an enterprise value of $ 4.8 billion. It also recently lost a few partners to Gores Group where they will focus on SPACs.
A SoftBank spokesman declined to comment.