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With $600 Million 'Blank Check' IPO, VCs Experiment on Startup Listings

Social Capital, Hedosophia create vehicle that targets taking unicorns public with a twist
A statue of George Washington stands across from the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Aug. 18, 2017. Stocks were mixed and the S&P 500 Index turned higher as investors digested the political upheaval in the U.S. and the latest terrorist attack in Europe.
Photographer: Michael Nagle/Bloomberg

A $600 million initial public offering Thursday hopes to test one venture capitalist’s theory that leaving the details of a listing to others will provide a smoother path to public markets for venture-backed companies.

Social Capital Hedosophia Holdings Corp., a “blank check” company created by venture firms Social Capital and Hedosophia, priced 60 million shares Thursday at $10 a share. The stock rose as much as 4 percent on its first day of trading.