SoftBank prepares to file for SPAC IPO worth up to $600 mn on Monday: Axios

(Reuters) - SoftBank's Vision Fund is preparing to raise between $500 million and $600 million via an initial public offering of its first special purpose acquisition company (SPAC), U.S. news portal Axios https://www.axios.com/softbank-spac-monday-de58a7f0-3f13-40dd-bafc-5194e7cd4a73.html reported on Sunday, citing multiple sources.

SoftBank is said to be preparing for at least two additional SPACs, the Axios added.

A SoftBank spokesman declined to comment.

Reuters reported in October that the Vision Fund was targeting external funding for a blank-cheque company.

Such a move would see Masayoshi Son's SoftBank joining the rush for SPACs, shell vehicles that raise money in an initial public offering (IPO) before merging with a privately held company.

The vehicles are being using to take a record number of companies public, bypassing the traditional IPO route.

 

(Reporting by Aakriti Bhalla in Bengaluru and Sam Nussey in Tokyo; Editing by Jane Merriman and Louise Heavens)