SVF Investment 3, the fourth blank check company formed by SoftBank targeting technology-enabled sectors, filed on Friday with the SEC to raise up to $350 million in an initial public offering.
The San Carlos, CA-based company plans to raise $350 million by offering 35 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 $150 million at the closing of an acquisition pursuant to a forward purchase agreement with an affiliate of the sponsor. At the proposed deal size, SVF Investment 3 would command a market value of $438 million.
The company is led by CEO and Chairman Ioannis Pipilis and CFO and Director Navneet Govil, who both currently serve as a Managing Partners at SoftBank Investment Advisers. SVF Investment 3 intends to identify, acquire and manage a business in a technology-enabled sector, including but not limited to, mobile communications technology, artificial intelligence, robotics, cloud technologies, software broadly, computational biology and other data-driven business models, semiconductors and other hardware, transportation technologies, consumer internet and financial technology.
SoftBank's other SPACs include SVF Investment 2 (SVFBU), which filed concurrently with SVF Investment 3; LDH Growth I (LDHAU), which filed to raise $200 million in January; and SVF Investment Corp. (SVFAU; +34% from $10 offer price), which raised $525 million in January.
SVF Investment 3 was founded in 2020 and plans to list on the Nasdaq under the symbol SVFBU. Citi, UBS Investment Bank, Deutsche Bank, Cantor Fitzgerald and Mizuho Securities are the joint bookrunners on the deal.
