Social Capital Hedosophia Holdings Corp. III (IPOC.U), announced the pricing of their upsized $720 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, April 22nd, under the symbol NYSE: IPOC.U.
Social Capital Hedosophia III, is one of two follow-up SPACs to the original Social Capital Hedosophia Holdings Corp, which combined with Virgin Galactic (SPCE), in October 2019. Additionally, IPOC.U, represents the first SPAC to IPO since the Covid-19 lockdown, more than one month ago.
Social Capital Hedosophia III (IPOC.U), will be focusing on technology companies located outside the U.S. and will once again be led by the team of Chamath Palihapitiya, as CEO and Chairman, and Ian Osborne, as President and Director. Both Mr. Palihapitiya and Mr. Osborne held the same roles for the first Social Capital Hedosophia.
Social Capital Hedosophia II (IPOB.U), the other follow-up SPAC from this team, is widely expected to price their IPO shortly.
Total SPAC deal count for 2020 year-to-date is now 14 with $4.645 billion in gross proceeds raised. The offering is anticipated to close on Friday, March 24, 2020.
Credit Suisse is acting as sole book-running manager of the offering. Skadden, Arps, Slate, Meagher & Flom LLP and Shearman & Sterling LLP were Issuer’s Counsel and Underwriter’s Counsel, respectively. Marcum LLP acted as auditor.