SVF Investment 3, the fourth blank check company formed by SoftBank targeting technology-enabled sectors, lowered the proposed deal size for its upcoming IPO on Monday.
The San Carlos, CA-based company now plans to raise $280 million by offering 28 million shares at $10. The company had previously filed to offer 35 million units at the same price. SVF Investment 3 now plans to offer shares only, without warrants attached. It previously planned to offer units that each contained one share of common stock and one-fifth of a warrant. At the revised deal size, SVF Investment 3 will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Ioannis Pipilis and CFO and Director Navneet Govil, who both currently serve as 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 (SVFB), which filed concurrently with SVF Investment 3 and also changed its offering to shares only; LDH Growth I (LDHAU), which filed to raise $200 million in January; and SVF Investment Corp. (SVFAU; +29% from $10 offer price), which went public in January.
SVF Investment 3 was founded in 2020 and plans to list on the Nasdaq under the symbol SVFC. Citi, UBS Investment Bank, Deutsche Bank, Cantor Fitzgerald, and Mizuho Securities are the joint bookrunners on the deal.
