Social Capital Hedosophia Holdings III, the third blank check company formed by Social Capital and Hedosophia targeting ex-US tech, filed on Friday with the SEC to raise up to $600 million in an initial public offering.
The Palo Alto, CA-based company plans to raise $600 million by offering 60 million units at $10 to command a market value of $750 million. Each unit consists of one share of common stock and one-quarter of one warrant exercisable at $11.50.
This is the third 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 second joint venture today, Social Capital Hedosophia Holdings II (IPOC.U), which is targeting tech companies in the US.
Social Capital Hedosophia Holdings III was founded in 2019 and plans to list on the NYSE under the symbol IPOC.U. Social Capital Hedosophia Holdings III filed confidentially on January 31, 2020. Credit Suisse is the sole bookrunner on the deal.
