SHARE SoftBank Group Corp. is preparing to raise between $500 million and $600 million via an initial public offering of its first special-purpose acquisition company, Axios reported late Sunday, citing multiple sources. The investment giant, which is known for backing promising technology startups, is said to be prepping for at least two additional SPACs, which are entities created for the sole purpose of merging with another firm and then taking that firm public. SPACs are becoming increasingly popular among tech firms as a lower-cost alternative to the traditional IPO process. Axios cited senior SoftBank executive Rajeev Misra as saying that Citigroup and Goldman Sachs are lead-managing the process, and said the SPAC is intended to buy a company SoftBank has not previously invested in. It’s not clear what company SoftBank is targeting.