Business Standard

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

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)

Softbank

Photo: Reuters

Reuters
(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)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Dec 22 2020 | 2:48 AM IST

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