Four Palihapitiya-backed SPACs raise $880 mln in upsized public offerings

Akili

30/06/2021 14:58

June 30 (Reuters) - Four blank-check companies, backed by
venture investor Chamath Palihapitiya, raised a total of $880
million in their upsized U.S. initial public offerings (IPOs) on
Wednesday.
    Social Capital Suvretta Holdings Corp I, II, III and IV
 DNAA.O   DNAB.O   DNAC.O   DNAD.O , each sold 22 million Class
A ordinary shares priced at $10 per share. 
    The special purpose acquisition companies (SPACs) had
initially aimed to raise a total of $800 million, offerings with
a focus on acquiring biotechnology firms. 
    The SPACs said earlier this month that they will give retail
investors an opportunity to buy shares in their IPOs via Social
Finance Inc's online brokerage platform.  urn:newsml:reuters.com:*:nL3N2NR2RH
    Palihapitiya has been a prolific backer of blank-check
firms, merging them with a range of companies from space tourism
firm Virgin Galactic Holdings Inc  SPCE.N  to home-selling
platform Opendoor Technologies Inc  OPEN.O .
    A blank-check company, also known as SPAC, uses capital
raised through an IPO to buy a private company, usually within
two years. The deal then takes the private company public.
    The Social Capital Suvretta SPACs will start trading on the
Nasdaq on Wednesday.
    

 (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Arun
Koyyur)
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