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Vy Capital's tech SPAC Vy Global Growth files for a $500 million IPO

September 15, 2020

Vy Global Growth, a blank check company formed by Vy Capital targeting the technology sector, filed on Tuesday with the SEC to raise up to $500 million in an initial public offering.

The Cayman Islands-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed deal size, Vy Global Growth would command a market value of $625 million.

The company is led by Chairman Alexander Tamas and CEO John Hering, founding partners of Vy Capital. The company intends to partner with a technology business that will benefit from its management team's global expertise, targeting high-quality businesses run by exceptional teams pursuing market-shaping opportunities.

The Cayman Islands-based company was founded in 2020 and plans to list on the NYSE under the symbol VYGG.U. Morgan Stanley and Deutsche Bank are the joint bookrunners on the deal.