SoftBank is said to be submitting an application to SPAC on Monday

Softbank Investment advisors may come forward early Monday to raise between $ 500 million and $ 600 million through an initial public offering (IPO) for the first special purpose acquisition tool. Axios Reports.

SoftBank investment advisors manage two Vision funds and may continue to rely on SPACs, with another two in the pipeline.

The conglomerate first revealed SPAC’s plans in October when SoftBank Investment Advisers, CEO of SoftBank Investment Advisers, Rajiv Misra He said he was planning a SPAC While speaking at the Milken Institute Global Conference. The SPAC would give the Vision Fund another way to invest in private companies, and also allow the public to invest in SoftBank’s portfolio choices.

SPACs are blank check companies created for the purpose of merging or acquiring other companies, and have gained popularity this year as an alternative to traditional appearances on the stock market.

While this would be SoftBank’s first SPAC, one of its real estate portfolio companies, OpenDoor, was recently rolled out through SPAC. One of its other investments, Indonesian e-commerce giant Tokopedia, is She is also considering bringing it to the public through SPAC With support from Richard Li and Peter Thiel, after setting IPO plans due to the pandemic.

TechCrunch contacted SoftBank Investment Advisors for comment.