Venture capital firm Social Capital wants to make going public cool again, this morning raising $600 million in an IPO for a blank check acquisition company that is designed to eventually acquire a tech "unicorn."
Unicorn? That's the Silicon Valley term for a privately-held startup valued at $1 billion or more.
Why it matters: There is a glut of highly-valued and well-capitalized startups that have avoided going public, often to avoid both the hassle of an IPO and the scrutiny that comes with being listed. The trend has frustrated a lot of startup employees and investors, who want to convert their equity into into cash. Social Capital hopes its approach can help alleviate the pressure.