Social Capital Hedosophia Holdings, a blank check company formed by Social Capital and Hedosophia to acquire a technology company, filed on Wednesday with the SEC to raise up to $500 million in an initial public offering. The deal would be the third-largest SPAC IPO of the year, and the first technology-focused SPAC.
The Palo Alto, CA-based company plans to offer 50 million units at a price of $10. At that price, Social Capital Hedosophia Holdings would command a market value of $625 million. Each unit consists of one share of common stock and one-third of one warrant exercisable at $11.50.
Social Capital Hedosophia Holdings was founded in 2017 and plans to list on the NYSE under the symbol IPOA.U. Credit Suisse is the sole bookrunner on the deal. IPO timing was not disclosed.
