Virgin Group Acquisition III, the third blank check company formed by the Virgin Group, filed on Tuesday with the SEC to raise up to $500 million in an initial public offering.
The New York, NY-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-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Virgin Group Acquisition III would command a market value of $625 million.
Founded by Virgin Group founder Sir Richard Branson, the company is led by CEO and Director Josh Bayliss, the CEO of Virgin Group, and CFO and Director Evan Lovell, Virgin Group's CIO. Virgin Group Acquisition III plans to target consumer-facing industries in the US and Western Europe, with a focus on sectors in which Virgin has historically created significant shareholder value, including travel & leisure, financial services, health & wellness, technology & internet-enabled, music & entertainment, media & mobile, space, and renewable energy.
Management's other SPACs include Virgin Group Acquisition II (VGACT.RC), which filed last month to raise $330 million, and VG Acquisition Corp (VGAC; +7% from $10 offer price), which went public in October 2020 and has a pending merger agreement with D2C genetic testing service 23andMe.
Virgin Group Acquisition III was founded in 2021 and plans to list on the NYSE under the symbol VIII.U. Credit Suisse is the sole bookrunner on the deal.
