Social Capital Hedosophia Holdings III, the third blank check company formed by Social Capital and Hedosophia targeting a non-US tech business, raised $720 million by offering 72 million units at $10 to command a market value of $870 million. The company originally planned to offer 60 million units. Each unit consists of one share of common stock and one-third of a warrant exercisable at $11.50. The company revised its terms last month, originally planning to offer units consisting of one share of stock and one-quarter of a warrant.
Social Capital Hedosophia Holdings III plans to list on the NYSE under the symbol IPOC.U. Credit Suisse acted as a lead manager on the deal.
