SoftBank's Vision Fund To Launch 2 More SPACs, For Total IPO Raise Of $550 Million

SoftBank Group Corp SFTBY is planning to launch two more SPACs.

What Happened: The two SPACs aim to raise a total of $550 million in their IPOs, Reuters reported, citing regulatory filings.

SVF Investment Corp 2 would offer 20 million shares and warrants, and SVF Investment Corp 3 would offer 35 million shares, all priced at $10 each. The SPACs would be listed on the Nasdaq.

Why It Matters: Japan-based SoftBank, led by Masayoshi Son, has been a major tech investor through its Vision Fund and is taking an increasing interest in SPACs. In January, its first SPAC, SVF Investment Corp SVFA, raised $525 million through its IPO. SoftBank also filed to raise $200 million through the IPO of its second SPAC, LDH Growth I, on January 29.

SoftBank Investment Advisers, which oversees the company’s Vision Fund, is the backer of the two new SPACs.

The Vision Fund is invested in Uber Technologies Inc UBER, WeWork, Slack Technologies Inc WORK, TikTok parent ByteDance, and many others.

While the fund's portfolio would seem to be a fertile source of companies to take public via a SPAC, Axios reported in October that the fund would be looking outside its portfolio for opportunities.

Image: SoftBank