SoftBank will reportedly file for a SPAC on Monday – TechCrunch

SoftBank will reportedly file for a SPAC on Monday – TechCrunch

SoftBank Funding Advisers might file as early as Monday to lift between $500 million and $600 million by way of an preliminary public providing of its first particular objective acquisition car, reports Axios.

SoftBank Funding Advisers manages the 2 Imaginative and prescient Funds and will proceed leaning into SPACs, with two extra reportedly within the works.

The conglomerate first revealed its SPAC plans in October when SoftBank Funding Advisers chief government officer Rajeev Misra said he was planning a SPAC whereas talking on the Milken Institute World Convention. An SPAC would give the Imaginative and prescient Fund one other manner of investing in personal firms, and likewise permit the general public to spend money on SoftBank’s portfolio picks.

SPACs are blank-check firms created for the aim of merging or buying different firms, and have gained recognition this yr as a substitute for conventional inventory market debuts.

Whereas this is able to be SoftBank’s first SPAC, one in all its portfolio firms, real-estate platform OpenDoor, lately went public by way of an SPAC. One other one in all its investments, Indonesian e-commerce large Tokopedia, is also considering going public through a SPAC backed by Richard Li and Peter Thiel, after placing its IPO plans due to the pandemic.

TechCrunch has contacted SoftBank Funding Advisers for remark.

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