Jan 7 (Reuters) - Blank-check company SVF Investment Corp, backed by SoftBank Group Corp, said on Thursday it sold shares in its initial public offering at $10 per unit to raise $525 million.
SVF Investment is sponsored by SoftBank Investment Advisers, which runs the $100 billion fund and said it could invest in a new or existing portfolio company.
SVF Investment was formed for the purpose of an effective merger or conducting similar business. SoftBank Group had cited sectors such as artificial intelligence and robotics as possibilities, in line with its broader investing thesis.
The launch of the special purpose acquisition (SPAC) marks an appeal to investors after earlier efforts to raise capital for a second Vision Fund floundered following missteps.
SPACs have emerged as a popular IPO alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised.
The units will be listed on the Nasdaq under the ticker "SVFAU" beginning on Jan. 8, the company said. (refini.tv/3oksXqp)
Citigroup Global Markets Inc, Deutsche Bank Securities Inc, and Cantor Fitzgerald & Co are acting as book-running managers in the offering. (Reporting by Trisha Roy in Bengaluru, Editing by Sherry Jacob-Phillips)