Social Capital Hedosophia on Tuesday priced one of the two blank-check IPOs it put off last month amid Covid-19-related market volatility.
Palo Alto-based Social Capital Hedosophia Holdings III, led by Chamath Palihapitiya, raised $720 million by offering 72 million units at $10. It’s designed to help take a non-U.S. tech business through a reverse merger.
It was set to begin trading Wednesday on the New York Stock Exchange with the symbol “IPOC.”
The international blank-check offering was originally expected to raise $600 million but the deal’s size was increased following what Palihapitiya described as strong demand.
Another one that is focused on the U.S., Social Capital Hedosophia Holdings II, remains on the shelf for now. It has a target of raising up to $345 million.
The first Social Capital Hedosophia blank-check company merged with Richard Branson-backed Virgin Galactic in October, helping to take the space tourism company public with a $2.3 billion market cap. Virgin Galactic’s share price is up around 45% in 2020.
The IPO is only the third from the Bay Area so far this year. San Francisco-based One Medical health centers operator 1Life Healthcare Inc. is trading about 73 percent above its IPO price. Redwood City-based Revolution Medicines Inc. is trading about 49 percent above its offering price.