'SoftBank prepares to file for SPAC IPO worth $600 mn'

SoftBank prepares to file for SPAC IPO worth up to $600 million: Report

Credit: Reuters File Photo

SoftBank's Vision Fund is preparing to raise between $500 million and $600 million via an initial public offering of its first special purpose acquisition company (SPAC), U.S. news portal Axios reported on Sunday, citing multiple sources.

SoftBank is said to be preparing for at least two additional SPACs, the Axios added.

A SoftBank spokesman declined to comment.

Reuters reported in October that the Vision Fund was targeting external funding for a blank-cheque company.

Such a move would see Masayoshi Son's SoftBank joining the rush for SPACs, shell vehicles that raise money in an initial public offering (IPO) before merging with a privately held company.

The vehicles are being using to take a record number of companies public, bypassing the traditional IPO route.