VG Acquisition Corp., a blank check company formed by Virgin Group, filed on Wednesday with the SEC to raise up to $400 million in an initial public offering.
The New York, NY-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, VG Acquisition Corp. would command a market value of $500 million.
The company is led by CEO Josh Bayliss and CFO Evan Lovell, who serve as CEO and CIO of Virgin Group, respectively. VG Acquisition Corp. plans to use Virgin Group's extensive resources to target businesses in consumer-facing industries across the US or Western Europe. The company's primary focus will be on businesses that provide consumer experiences in the sectors in which Virgin has historically been successful.
VG Acquisition Corp. was founded in 2020 and plans to list on the NYSE under the symbol VGAC.U. Credit Suisse is the sole bookrunner on the deal.
