Virgin Galactic Holdings Inc Chairman Chamath Palihapitiya on Tuesday raised $720 million for a new blank-check company, 20% more than its original target, after the coronavirus crisis upended plans last month.
) Chairman Chamath Palihapitiya on Tuesday raised $720 million for a new blank-check company, 20% more than its original target, after the coronavirus crisis upended plans last month.
The IPO represents a rare example of a stock market debut braving the volatility fueled by the economic fallout of the pandemic. Only two IPOs have priced so far in April, compared to 14 a year ago, according data provider IPO Boutique. Both were biotechnology firms, a sector with a more specialized investor base.
SPACs are typically more resilient to market jitters, because that they are akin to investors depositing money in an account while their management team searches for an investment. Palihapitiya had originally been looking to raise $600 million in the IPO but increased the deal’s size deal following strong demand.Palihapitiya’s first SPAC merged with Richard Branson-backed Virgin Galactic in October, allowing the space tourism company to go public with a $2.3 billion market capitalization, without itself launching an IPO. Virgin Galactic’s share price is up around 45% in 2020.
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