SoftBank will reportedly apply for a SPAC on Monday

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SoftBank Investment advisers could apply as early as Monday to raise between $ 500 million and $ 600 million through an IPO of their first special purpose vehicle, Axios reports.

SoftBank Investment Advisers manages the two Vision Funds and may continue to lean on SPACs, with two more reportedly in the works.

The conglomerate first revealed its SPAC plans in October when SoftBank Investment Advisers CEO Rajeev Misra said he was planning a SPAC while speaking at the Milken Institute's global conference. A SPAC would provide another way for the Vision Fund to invest in private companies and allow the public to invest in SoftBank's portfolio selection.

SPACs are blank check companies created for the purpose of merging or acquiring other companies and which have grown in popularity this year as an alternative to traditional stock market debuts.

While this would be SoftBank's first SPAC, one of its portfolio companies, real estate platform OpenDoor, recently went public via a SPAC. Another investment, Indonesian e-commerce giant Tokopedia, is also considering going public through a Richard Li and Peter Thiel-backed SPAC after it presented its IPO plans over the pandemic.

A SoftBank spokesman said it had no comment.