Social Capital Hedosophia Holdings II, the second blank check company formed by Social Capital and Hedosophia targeting US tech, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Palo Alto, CA-based company plans to raise $300 million by offering 30 million units at $10 to command a market value of $375 million. Each unit consists of one share of common stock and one-quarter of one warrant exercisable at $11.50.
This is the second joint venture between Social Capital, founded by former Facebook executive Chamath Palihapitiya, and Hedosophia, founded by investment veteran Ian Osborne. The partnership's first SPAC, Social Capital Hedosophia, completed its business combination with Richard Branson's human spaceflight company Virgin Galactic (SPCE) in October 2019. The new company is currently up 146% from Social Capital Hedosophia's $10 SPAC price, and it commands a market value of $4.3 billion.
The partnership also submitted an initial filing for a third joint venture today, Social Capital Hedosophia Holdings III (IPOC.U), which is targeting tech companies outside the US.
Social Capital Hedosophia Holdings II was founded in 2019 and plans to list on the NYSE under the symbol IPOB.U. Social Capital Hedosophia Holdings II filed confidentially on January 31, 2020. Credit Suisse is the sole bookrunner on the deal.
