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VGAC.U - VG Acquisition News Story

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Branson-backed SPAC to raise $500 mln through U.S. IPO

Tue 9th March, 2021 10:48pm
March 9 (Reuters) - A blank-check firm, backed by Virgin
Group's billionaire founder Richard Branson, is looking to raise
as much as $500 million through an initial public offering, a
regulatory filing showed on Tuesday.
    Virgin Group Acquisition Corp III, a special purpose
acquisition company, or SPAC, plans to sell 50 million units,
composed of shares and warrants, priced at $10 per unit on the
New York Stock Exchange. (
    The firm said in its filing it will be looking for targets
to acquire in one of Virgin Group's core sectors, namely travel
and leisure, financial services, health and wellness and
renewable energy, among others.
    Branson, a serial entrepreneur and a prolific investor, has
raised hundreds of millions through multiple blank-check
companies so far.
    In February, VG Acquisition Corp  VGAC.N , one of Branson's
SPACs, agreed to take consumer DNA-testing firm 23andMe public
through a merger, valuing the merged entity at $3.5 billion.*:nL4N2KA38A
    SPACs are shell companies which raise funds to acquire a
private company with the intent of taking it public through a
merger at a later date, allowing such companies to enter public
markets by sidestepping a traditional IPO.
    Credit Suisse is the sole book-running manager for the
Virgin Group Acquisition Corp III offering.

 (Reporting by Sohini Podder in Bengaluru; Editing by Shounak
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