Biotech SPAC Social Capital Suvretta Holdings IV files for a $200 million IPO

Social Capital Suvretta Holdings IV, a blank check company formed by Chamath Palihapitiya and Kishen Mehta targeting the biotech sector, filed on Wednesday with the SEC to raise up to $200 million.

The Henderson, NV-based company plans to raise $200 million by offering 20 million shares at $10. The company is not offering units with warrants attached. At the proposed deal size, Social Capital Suvretta Holdings IV would command a market value of $256 million.

The company is led by CEO and Chairman Chamath Palihapitiya, the founder and Managing Partner of Social Capital, and President and Director Kishen Mehta, who currently serves as the Portfolio Manager for the Averill strategy at Suvretta. The pair is also behind three other SPACs that filed concurrently with Social Capital Suvretta Holdings IV (DNAA, DNAB, and DNAC). Outside of this partnership, Palihapitiya is active in the SPAC space, leading several past blank check IPOs (SPCE, OPEN, CLOV, IPOD.U, SOFI, and IPOF.U).

The company plans to target the biotech sector, focusing on immunology and inflammatory diseases.

Social Capital Suvretta Holdings IV was founded in 2021 and plans to list on the Nasdaq under the symbol DNAD. Morgan Stanley is the sole bookrunner on the deal.