SVF Investment 3, the fourth blank check company formed by SoftBank targeting technology-enabled sectors, raised $280 million by offering 28 million shares at $10. The company did not offer units with warrants attached. It may raise an additional $150 million at the closing of an acquisition (or up to $200 million at the forward purchase investors' election) pursuant to a forward purchase agreement with an affiliate of the sponsor.
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 target 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 raised $200 million; LDH Growth I (LDHAU), which filed to raise $200 million in January; and SVF Investment Corp. (SVFAU; +15% from $10 offer price), which went public in January.
SVF Investment 3 plans to list on the Nasdaq under the symbol SVFC. Citi, UBS Investment Bank, Deutsche Bank, Cantor Fitzgerald and Mizuho Securities acted as lead managers on the deal.
