LDH Growth I, the second blank check company formed by SoftBank targeting technology-enabled sectors, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Miami, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, LDH Growth I would command a market value of $250 million.
The company is led by CEO and Chairman Marcelo Claure, the COO of SoftBank Group and former Executive Chairman (2018-2020) and CEO (2014-2018) of Sprint; President and Director Michel Combes, the President of SoftBank Group International and former CEO of Sprint (2018-2020); CFO Chris Cooper, the CFO of SoftBank Group International; Managing Partner Paulo Passoni, a Managing Partner of the SoftBank Latin America Fund; and Managing Partner Shu Nyatta, a Managing Partner of the SoftBank Opportunity Fund and the SoftBank Latin America Fund, and a founding member of the SoftBank Vision Fund and SoftBank's Silicon Valley investment team.
LDH Growth I plans to leverage its management team's experience to target a business in a technology-enabled sector, focusing on private, high-quality growth companies participating in the digital future of Latin American and Hispanic markets. Relevant sectors may include mobile communications technology, artificial intelligence, robotics, and cloud technologies, among others.
SoftBank's first SPAC, SVF Investment Corp. (SVFAU; +28% from $10 offer price), raised $525 million earlier this month. The company is led by CEO and Chairman Rajeev Misra, CEO of SoftBank Investment Advisers and Corporate Officer and EVP of SoftBank Group.
LDH Growth I was founded in 2020 and plans to list on the Nasdaq under the symbol LDHAU. Citi and J.P. Morgan are the joint bookrunners on the deal.
