SoftBank on Monday will file to raise between $500 million and $600 million via an IPO of its first SPAC, Axios has learned from multiple sources.
Look ahead: The investment giant is said to be prepping at least two additional SPACs, which are blank check vehicles that raise money to buy a company and take it public via a reverse merger.
Details: As Axios previously reported, Goldman Sachs and Citigroup are lead managing the process, with the SPAC intended to buy a company in which SoftBank has not previously invested.
- The SPAC sponsor will be SoftBank Investment Advisors, which manages the $100 billion Vision Fund and Vision Fund 2 (unknown size, funded entirely from SoftBank's balance sheet).
- SoftBank has never before raised a SPAC, but it did have portfolio company OpenDoor agree in September to be acquired by a SPAC at a $4.8 billion enterprise value. It also recently lost a pair of partners to Gores Group, where they'll focus on SPACs.
A SoftBank spokesman declined comment.