SoftBank Files for Two More SPACs Seeking to Raise $630 Million
New effort follows debut of Japanese company’s $525 million blank-check vehicle
A SoftBank Corp. store in Tokyo.
Photographer: Kiyoshi Ota/BloombergSoftBank Group Corp. plans to raise as much as $630 million through two more blank-check companies, capitalizing on record investor demand for the vehicles.
The Tokyo-based technology conglomerate said it would create the special purpose acquisition companies less than two months after it filed to create a $525 million blank-check company. SPACs look to merge with private companies, letting them become publicly traded while avoiding some of the uncertainty of an initial public offering. The vehicles have become a popular way for venture-backed startups to list on the public markets. More than $35 billion has been raised by the 117 SPACs that have gone public on U.S. exchanges this year, according to data compiled by Bloomberg.