Virgin Group Acquisition III, the third blank check company formed by the Virgin Group, lowered the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $300 million by offering 30 million units at $10. The company had previously filed to offer 50 million units at the same price. Each unit still consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the revised deal size, Virgin Group Acquisition III will raise -40% less in proceeds than previously anticipated.
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.
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.
