Wednesday, January 20, 2021
IPO news

SoftBank’s SVF Investment Corp. Announces Pricing of $525 Million Initial Public Offering

SVF Investment Corp. (the “Company”) announced today the pricing of its initial public offering of 52,500,000 units at $10 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) in the United States and trade under the ticker symbol “SVFAU” beginning on January 8, 2021.

The Company is sponsored by SoftBank Investment Advisers (“SBIA”), the investment manager to the SoftBank Vision Funds. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in a technology-enabled sector. The company is led by Rajeev Misra, the CEO of SBIA, and Navneet Govil, the CFO of SBIA.

Each unit offered for sale consists of one Class A ordinary share, and one-fifth of one warrant to purchase one Class A ordinary share, for $10.00 per unit. In addition, an affiliate of the sponsor, intends to enter into a forward purchase agreement with us that will provide for the purchase of up to $300,000,000 forward purchase units, each consisting of one Class A ordinary share, or a forward purchase share, and one-fifth of one warrant to purchase one Class A ordinary share, or a forward purchase warrant, for $10.00 per unit, in a private placement to close substantially concurrently with the closing of the initial business combination. When the securities comprising the units begin separate trading, the Company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols “SVFA” and “SVFAW” respectively.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., and Cantor Fitzgerald & Co. are acting as book-running managers in the offering. The Company has granted the underwriters a 45-day option to purchase up to 7,875,000 additional units at the initial public offering price to cover over-allotments, if any.

The initial public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission website http://www.sec.gov; Citigroup Global Markets Inc., c/o 388 Greenwich Street, New York, New York, 10013, Telephone: 1-646-291-1469; Deutsche Bank Securities Inc., 60 Wall Street, 2nd Floor, New York, New York 10005, Attention: Equity Capital Markets – Syndicate Desk, with a copy to Deutsche Bank Securities Inc., 60 Wall Street, 36th Floor, New York, New York 10005, Attention: General Counsel, Fax: +1 (646) 374-1071; and Cantor Fitzgerald & Co., 499 Park Avenue, New York, New York, 10022, Attention: Legal.

A registration statement relating to the securities sold in the initial public offering has been declared effective by the U.S. Securities and Exchange Commission on January 7, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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