Virgin Galactic Holdings Inc Chairman Chamath Palihapitiya is looking to raise $720 million on Tuesday for a new blank-check company, 20% more than its original target, after the coronavirus crisis upended plans last month, according to a person familiar with the matter.
The IPO represents a rare example of a stock market debut braving the volatility fueled by the economic fallout of the pandemic. Only two IPOs have priced so far in April, compared to 14 a year ago, according to data provider IPO Boutique. Both were biotechnology firms, a sector with a more specialized investor base.
