Social Capital Hedosophia Holdings VI, the sixth blank check company formed by Social Capital and Hedosophia targeting a tech business, filed on Friday with the SEC to raise up to $1.0 billion in an initial public offering.
The Palo Alto, CA-based company plans to raise $1.0 billion by offering 100 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed deal size, Social Capital Hedosophia Holdings VI would command a market value of $1.3 billion.
The company is led by Chairman and CEO Chamath Palihapitiya and President and Director Ian Osborne. Palihapitiya founded Social Capital in 2011 after serving as VP of User Growth at Facebook. Osborne founded Hedosophia in 2012 after leaving DST Global, where he served as Managing Director.
The SPAC is a joint venture between Palihapitiya's Social Capital and Osborne's Hedosophia. The partnership's previous SPACs non-US tech-focused Social Capital Hedosophia Holdings III (IPOC; +26% from $10 offer price), which went public in April 2020; US tech-focused Social Capital Hedosophia Holdings II (IPOB; +46%), which went public in April 2020 and recently announced a merger agreement with digital real estate platform Opendoor; and Social Capital Hedosophia, which completed its business combination with Richard Branson's human spaceflight company Virgin Galactic (SPCE; +72%) in October 2019.
The partnership also submitted an initial filing for two other tech-focused joint ventures today, Social Capital Hedosophia Holdings IV (IPOD.U) and Social Capital Hedosophia Holdings V (IPOE.U).
Social Capital Hedosophia Holdings VI was founded in 2020 and plans to list on the NYSE under the symbol IPOF.U. The company filed confidentially on July 28, 2020. Credit Suisse is the sole bookrunner on the deal.
