‘British billionaire Branson aims to go to Damrak with special stock fund’ | financial
Virgin Group is working with bankers on plans for the company’s first listing on a European stock exchange, according to Sky. The fund will raise approximately €200 million, but final details are yet to be determined. He previously floated the Virgin Gatic aerospace components and his Virgin Orbit on the US stock exchange via a Spac.
The news could be seen as a slap in the face to the London market as Virgin Group is based in the UK and has reformed UK rules to make it generalized for spaces to list in London. The Amsterdam stock exchange was also very popular with spacs in 2021 and experienced a record IPO.
Billionaire Richard Branson is a prolific user of spacs and has floated both space tourism company Virgin Galactic and commercial company Virgin Orbit on the New York Stock Exchange through takeovers by these empty stock shells.
Virgin Group also previously set up two US spacs and used them to merge with 23andMe, an individual genetic research company, and Grove Collaborative, a manufacturer of sustainable consumer research products. Bankers expect Virgin to see even more spacs in the US.