Virgin Group Acquisition Corp. II has priced its initial public offering (IPO) of 35,000,000 units at $10.00 per unit. The units are expected to be listed on the New York Stock Exchange and trade under the ticker symbol “VGII.U” beginning on March 23, 2021. Each unit consists of one Class A ordinary share and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share.
The company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on businesses that operate in one of the Virgin Group’s core sectors: travel & leisure, financial services, health & wellness, technology & internet-enabled, music & entertainment, media & mobile and renewable energy/resource efficiency.
The management team includes Sir Richard Branson, founder of the Virgin Group; Josh Bayliss is the company’s Chief Executive Officer and director, who is the CEO of the Virgin Group and is responsible for the Virgin Group’s strategic development; and Evan Lovell, the company’s Chief Financial Officer and director, who is a Chief Investment Officer of the Virgin Group and is responsible for managing the Virgin Group’s investment team and portfolio in North America.
Credit Suisse is acting as the sole book-running manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.
