Home-Flipper Opendoor Going Public in Social Capital Merger (3)

Opendoor is going public through a merger with Social Capital Hedosophia Holdings Corp. II in a deal that gives the property technology startup an enterprise value of $4.8 billion.

The deal will provide as much as $1 billion in cash, including up to $414 million held by Social Capital II, the blank-check company led by Chairman Chamath Palihapitiya, according to a statement on Tuesday that confirmed earlier reporting from Bloomberg.

Social Capital’s shares surged as much as 22% to $15.98 in New York.

SPAC Popularity

Opendoor is the latest startup to go public through a special purpose acquisition company, ...