According to a report from Axios, SoftBank Investment Advisers is preparing to submit paperwork as soon as Monday to secure between $500 million and $600 million via an initial public offering for its inaugural special purpose acquisition vehicle.

Responsible for managing the two Vision Funds, SoftBank Investment Advisers appears poised to further utilize SPACs as an investment strategy, with indications of two additional vehicles currently being developed.

SoftBank initially disclosed its intentions regarding SPACs in October, when Rajeev Misra, chief executive officer of SoftBank Investment Advisers, announced plans for a SPAC during his appearance at the Milken Institute Global Conference. This vehicle would provide the Vision Fund with an additional avenue for investing in privately held businesses and simultaneously offer public investors access to SoftBank’s selected portfolio companies.

SPACs, or blank-check companies, are established specifically to merge with or acquire existing businesses and have experienced a surge in popularity this year as a different route to becoming publicly traded compared to conventional initial public offerings.

Although this would represent SoftBank’s first SPAC undertaking, one of its portfolio companies, the real-estate platform OpenDoor, recently became a publicly listed company through a SPAC merger. Furthermore, Tokopedia, a substantial Indonesian e-commerce company within SoftBank’s investment portfolio, is evaluating a potential public debut via a SPAC arrangement supported by Richard Li and Peter Thiel, following a pause in its original IPO intentions due to the pandemic.

A representative from SoftBank stated that the company has no comment at this time.