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Palihapitiya and Osborne's fifth SPAC Social Capital Hedosophia Holdings V prices upsized $700 million IPO at $10

October 9, 2020

Social Capital Hedosophia Holdings V, the fifth blank check company formed by Social Capital and Hedosophia targeting a tech business, raised $700 million by offering 70 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50.

The company is led by Chairman and CEO Chamath Palihapitiya and President and Director Ian Osborne. Palihapitiya founded Social Capital in 2011 after serving as VP of User Growth at Facebook. Osborne founded Hedosophia in 2012 after leaving DST Global, where he served as Managing Director.

The SPAC is a joint venture between Palihapitiya's Social Capital and Osborne's Hedosophia. The partnership's previous SPACs non-US tech-focused Social Capital Hedosophia Holdings III (IPOC; +6% from $10 offer price), which went public in April 2020 and recently announced a merger agreement with Medicare Advantage platform Clover Health; US tech-focused Social Capital Hedosophia Holdings II (IPOB; +88%), which went public in April 2020 and recently announced a merger agreement with digital real estate platform Opendoor; and Social Capital Hedosophia, which completed its business combination with Richard Branson's human spaceflight company Virgin Galactic (SPCE; +121%) in October 2019.

Social Capital Hedosophia Holdings V plans to list on the NYSE under the symbol IPOE.U. Credit Suisse acted as sole bookrunner on the deal.