Jan 7 (Reuters) - Smooth-verify company SVF Investment Corp, backed by SoftBank Crew Corp, mentioned on Thursday it offered shares in its preliminary public providing at $10 per unit to steal $525 million.
SVF Investment is subsidized by SoftBank Investment Advisers, which runs the $100 billion fund and mentioned it'd put money into a unique or present portfolio company.
SVF Investment was fashioned for the fair of an efficient merger or conducting same commerce. SoftBank Crew had cited sectors equivalent to synthetic intelligence and robotics as probabilities, consistent with its broader investing thesis.
The launch of the actual fair acquisition (SPAC) marks an charm to merchants after earlier efforts to steal capital for a second Vision Fund floundered following missteps.
SPACs have emerged as a current IPO different for companies, providing a course to going public with less regulatory scrutiny and more slip within the park over the valuation that will likely be attained and funds that will likely be raised.
The units will likely be listed on the Nasdaq under the ticker "SVFAU" starting up on Jan. 8, the company mentioned. (refini.television/3oksXqp)
Citigroup Global Markets Inc, Deutsche Financial institution Securities Inc, and Cantor Fitzgerald & Co are performing as ebook-operating managers within the providing. (Reporting by Trisha Roy in Bengaluru, Enhancing by Sherry Jacob-Phillips)