IPOs

Palihapitiya and Osborne's fifth SPAC Social Capital Hedosophia Holdings V files for a $650 million IPO

Social Capital Hedosophia Holdings V, the fifth blank check company formed by Social Capital and Hedosophia targeting a tech business, filed on Friday with the SEC to raise up to $650 million in an initial public offering.

The Palo Alto, CA-based company plans to raise $650 million by offering 65 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed deal size, Social Capital Hedosophia Holdings V would command a market value of $813 million.

The company is led by Chairman and CEO Chamath Palihapitiya and President and Director Ian Osborne. Palihapitiya founded Social Capital in 2011 after serving as VP of User Growth at Facebook. Osborne founded Hedosophia in 2012 after leaving DST Global, where he served as Managing Director.

The SPAC is a joint venture between Palihapitiya's Social Capital and Osborne's Hedosophia. The partnership's previous SPACs non-US tech-focused Social Capital Hedosophia Holdings III (IPOC; +26% from $10 offer price), which went public in April 2020; US tech-focused Social Capital Hedosophia Holdings II (IPOB; +46%), which went public in April 2020 and recently announced a merger agreement with digital real estate platform Opendoor; and Social Capital Hedosophia, which completed its business combination with Richard Branson's human spaceflight company Virgin Galactic (SPCE; +72%) in October 2019.

The partnership also submitted an initial filing for two other tech-focused joint ventures today, Social Capital Hedosophia Holdings IV (IPOD.U) and Social Capital Hedosophia Holdings VI (IPOF.U).

Social Capital Hedosophia Holdings V was founded in 2020 and plans to list on the NYSE under the symbol IPOE.U. The company filed confidentially on July 28, 2020. Credit Suisse is the sole bookrunner on the deal.

The article Palihapitiya and Osborne's fifth SPAC Social Capital Hedosophia Holdings V files for a $650 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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