Virgin Group Acquisition II, the second blank check company formed by the Virgin Group, filed on Friday with the SEC to raise up to $330 million in an initial public offering.
The SPAC plans to raise $330 million by offering 33 million units at $10 per unit. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Virgin Group Acquisition II would command a market value of $413 million.
The SPAC was founded by Sir Richard Branson. It is being led by CEO Josh Bayliss, the CEO of Virgin Group, and CFO Evan Lovell, Virgin Group's CIO. The team's previous SPAC, VG Acquisition Corp (VGAC), recently announced plans to acquire D2C genetic testing service 23andMe.
The company plans to focus on targets that operate in one of the Virgin Group's core sectors: travel & leisure, financial services, health & wellness, technology & internet-enabled, music & entertainment, media & mobile and renewable energy/resource efficiency. The SPAC will primarily search for consumer-facing businesses.
The New York, NY-based company was founded in 2021 and plans to list on the NYSE, but has not selected a proposed ticker (RC symbol: VGACT.RC). Credit Suisse is the sole bookrunner on the deal.
