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SoFi IPO: Stock Coming in 2021 via Palihapitiya’s Newest SPAC

Investment Opportunities

The SoFi IPO was confirmed in a press release from January 7. As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market.

But is SoFi a good investment opportunity? Here’s what we know…

SoFi IPO: The Business

The SoFi IPO lets investors be part of one of the top finance platforms.

Four Stanford Business School graduates founded Social Finance (SoFi) in 2011. It’s an online personal finance company based in San Francisco, California. SoFi is a mobile-first company, meaning its business is designed mostly to be used on mobile devices. The company originally focused on student loan refinancing but has since expanded its offerings. In addition, it has a suite of finance products and services such as mortgages, credit cards, investment accounts, personal loans and bank accounts.

According to SoFI’s press release…

SoFi’s mission is to help people achieve financial independence by getting their money right, providing access to a comprehensive suite of financial services in a single app that empowers members to borrow, save, spend, invest, and protect their money. SoFi’s one-stop shop multi-product strategy and leading technology platform, Galileo, position the business at the epicenter of the digital revolution in financial services.

This so called one-stop shop just announced a SoFi IPO. But why is SoFi stock a big deal? Here are some company highlights to take into consideration.

Company Highlights

Recently, SoFi acquired Galileo Financial Technologies. The acquisition cost $1.2 billion. It’s a digital payment platform akin to checking and savings accounts. By adding Galileo’s platform, SoFi was able to expand its technology and platform and reach more consumers with more offerings. When the company announced the acquisition in August 2020, it said…

With the addition of Galileo, SoFi strengthens its capabilities, rounding out its best-in-class technology ecosystem. Additionally, the combination will extend the reach of its products to other Galileo partners in the United States and international markets, while offering diversification and scale to SoFi’s existing infrastructure.

Other accomplishments noted in the SoFi IPO press release are…

  • Six consecutive quarters of year-over-year member growth
  • Preliminary, conditional approval from U.S. Office of the Comptroller of the Currency for a national bank charter (October 2020), which would lead to lower cost of funds to support company growth
  • $200 million in total net revenue for Q3 2020
  • Projected estimate of $1 billion in net revenue for 2021 (60% year-over-year growth)
  • $2.3 billion raised in funding rounds (most recently $500+ million in 2019).

The company is growing, and that’s partly why SoFi is going public now. By putting SoFi stock on the market, the company can use funds to further that growth. But the company isn’t going public via a traditional IPO.

SoFi Stock: SPAC IPO

Special purpose acquisition companies (SPAC) have become a popular alternative for companies looking to IPO. In fact, 2020 was a record year for SPAC IPOs. A SPAC goes public in order to raise capital. It then has about two years to use those funds to acquire a company. Once the two companies are merged, the acquired company becomes public. In this case, SoFi is the acquiree. And Chamath Palihapitiya’s newest SPAC, Social Capital Hedosophia Holdings Corp. V (SCH), is the acquirer.

If Palihapitiya’s name sounds familiar, that’s not surprising. Many credit him with starting the SPAC craze in 2019 when his first SPAC acquired commercial spaceflight company Virgin Galactic (NYSE: SPCE). Since then, he acquired Opendoor (Nasdaq: OPEN) on December 20, 2020 and Clover Health (Nasdaq: CLOV) on January 7, 2020.

On the matter of acquiring SoFi, Palihapitiya commented…

SoFi’s innovative, member-first platform has demystified financial services for millions of Americans and simplified the process for those looking to apply for loans, invest their money, obtain insurance and refinance their debt, among many other tasks that were previously arcane and needlessly complicated. Additionally, the acceleration of cross-buying by existing SoFi members has created a virtuous cycle of compounding growth, diversified revenue and high profitability. We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence.

Anthony Noto has been SoFi’s CEO since 2018. He is the former COO of Twitter, managing director of Goldman Sachs and CFO of the National Football League. In fact, he arranged a 20-year deal to name the Los Angeles football compound “SoFi Stadium.”

Noto believes the SoFi SPAC IPO puts the company on the right track, saying…

SoFi is on a mission to help people achieve financial independence to realize their ambitions. Our ecosystem of products, rewards, and membership benefits all work together to help our members get their money right. With the secular acceleration in digital-first financial services offerings, SoFi is the only company providing a comprehensive solution all in one app. The new investments and our partnership with Social Capital Hedosophia signify the confidence in our strategy, the momentum in our business, as well as the significant growth opportunity ahead of us. We look forward to helping more people get their money right in the years to come.

So let’s take a look at what the SoFi IPO deal actually looks like.

SoFi IPO Details

The transaction will deliver up to $2.4 billion in funds. This includes $805 million of cash held in SCH’s trust account from its October 2020 offerings. SoFi also has a committed private investment in public equity (PIPE) at $10 a share, for a total of $1.2 billion. PIPE investors include Palihapitya and Hedosophia, who are giving $275 million. The other $950 million will come from institutional investors such as Altimeter Capital Management, Baron Capital Group, BlackRock and Durable Capital Partners. Existing shareholders plan to roll 100% of equity into the combined company.

If you’re looking for the latest investment opportunities, Investment U< is the place to be. Sign up for our free e-letter below! It's full of useful tips and research straight from our investing experts. Whether you’re a beginner or an experienced investor, there’s something here for everyone. And if IPO investing interests you, check out our IPO Calendar to stay up to date on the latest offerings.

What is the SoFi IPO date? Although the deal was unanimously approved by both board of directors, the deal is subject to approval by shareholders and other closing conditions. As a result, the date isn’t yet known. However, the SoFi IPO press release claims investors should expect to see SoFi stock in the first quarter of 2021.

About Amber Deter

Amber Deter has researched and written about initial public offerings (IPOs) over the last few years. After starting her college career studying accounting and business, Amber decided to focus on her love of writing. Now she’s able to bring that experience to Investment U readers by providing in-depth research on IPO and investing opportunities.


SoFi stock closes up more than 12% after debut on Nasdaq

Shares of SoFi jumped Tuesday after the online finance company made its public debut.

SoFi, short for Social Finance, went public by merging with Social Capital Hedosophia Corp V, a blank-check company run by venture capital investor Chamath Palihapitiya. The stock closed up more than 12% to $22.65.

Special purpose acquisition companies, known as SPACs, raise money through a shell company to buy an existing firm and have become increasingly popular in the past year.

The shares were previously listed under the ticker IPOE for Palihapitiya's special purpose vehicle. Shares of Palihapitiya's venture closed at $20.15 on Friday, up 62% year to date.

Founded in 2011 with a focus on student loan refinancing for millennials, SoFi offers stock and cryptocurrency trading, personal and mortgage loans, and wealth management services.

"We're the only one stop shop to do all your financial service needs at one platform," CEO Anthony Noto told CNBC's "TechCheck." "Many people talked about broadening the suite of products but only SoFi has done it on one mobile platform."

SoFi was last valued at $5.7 billion in private markets. It's attracted funding from investors such as Peter Thiel, private equity firm Silver Lake and SoftBank, according to PitchBook.

-- CNBC's Kate Rooney contributed to this report.

Correction: Shares of Palihapitiya's venture closed at $20.15 on Friday, up 62% year to date. An earlier version misstated the percentage.

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SoFi SPAC Merger Completed; New Stock Begins Trading on Tuesday

The hotly anticipated fintech is finally arriving on the stock exchange.

Eric Volkman
Author Bio
Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

One of the most eagerly anticipated stock market debuts is nearly upon us. Social Finance, or SoFi, will finally become a publicly traded company on Tuesday, June 1. This follows Friday's completion of the merger of SoFi -- still technically a private company -- with Social Capital Hedosophia Holdings V(NYSE:IPOE).

The resulting entity is to be named SoFi Technologies, which will trade on the Nasdaq under the ticker symbol SOFI. 

Bank card on PC keyboard.

Image source: Getty Images.

As expected, Social Capital Hedosophia shareholders on Thursday approved the merger between SoFi and their company. Social Capital Hedosophia is a special purpose acquisition company (SPAC), an entity that basically exists to bring a privately held company onto the stock market. This has become a popular alternative to the traditional initial public offering (IPO), typically a rather involved and expensive process.

Current SoFi CEO Anthony Noto will occupy the same role at SoFi Technologies, along with his management team. 

In the company's press release heralding its new chapter in life, Noto was quoted as saying:

All of us at SoFi are humbled to reach this significant milestone in our journey of building a generational company, and we are grateful for the countless individuals who have contributed to advancing our mission of empowering everyone to achieve financial independence to realize their ambitions.

SoFi certainly has momentum going for it in the days leading up to its new listing. Last week, the company released its first-quarter results, with net revenue coming in far ahead of its own expectations at $216 million. Similarly, earnings before interest, taxes, depreciation, and amortization (EBITDA) were in the black to the tune of $4.1 million; the company had expected anywhere from a loss of $5 million to a thin profit of $1 million.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Fintech Company SoFi's SPAC IPO Date, Valuation, and IPO Plans

Fintech company SoFi, or Social Finance, is set to go public sometime in 2021 with the investment of a SPAC (special purpose acquisition company). SoFi, which was founded in 2011, is well known for providing student loan refinancing. Previously, CEO Anthony Noto was a COO at Twitter and a partner at Goldman Sachs.  

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In addition to helping borrowers secure better financing for student loan repayment, the company is also an online lender of personal loans and mortgages. Recently, it started offering both active and automated investing through its program SoFi Invest. Rumors of an IPO through a SPAC started about a month ago. The company confirmed the rumors, according to TechCrunch.  

sofi spac ipo plans

Source: SoFi Facebook

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When will SoFi go public with a SPAC?

SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. The deal has already been unanimously approved by the SPAC's and SoFi's board of directors. The deal will need approval from SCH shareholders and any regulatory approvals.  

Social Capital Hedosophia Holdings is Chamath Palihapitiya's blank-check company. He's a venture capitalist and billionaire. The Motley Fool reported that the SPAC raised about $800 million in an IPO in 2020 and had been searching for a company to acquire.  

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Palihapitiya is well-versed in SPAC IPOs. He took Virgin Galactic public this way in 2019 as well as Opendoor and Clover Health in 2020. When a SPAC, a shell company, raises money through an IPO to merge with a private company, the private company becomes publicly traded. 

SoFi's IPO plans

SoFi joins the so-called SPAC IPO boom by merging with Social Capital Hedosophia Holdings V. The Wall Street Journal reported that U.S.-listed SPACs raised $82 billion in 2020, which was more than six times what was raised by SPACs the previous year.  

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TechCrunch gives Palihapitiya credit for most of SPACs' popularity in the past year and a half. He raised $600 million for his first SPAC, Social Capital Hedosophia Holdings, in 2017. Social Capital Hedosophia Holdings Corp V is his third SPAC.  

SoFi's IPO valuation

The Motley Fool stated that SoFi is valued at $8.65 billion in the acquisition deal, which includes funds being contributed as part of the SPAC merger.  

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TechCrunch explained that the deal includes $2.4 billion in cash. Half of the amount is from a confirmed private placement, $805 million from the SPAC balance sheet, and additional funding invested in SoFi by T. Rowe Price. 

The company expects revenue of about $1 billion in 2021. Prior funding has included $500 million raised in 2019, led by Qatar Investment Authority, which is a private equity and sovereign wealth fund.  

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sofi ipo spac popularity stadium

Source: SoFi Facebook

SoFi pre-IPO shares

Someone who wants to purchase pre-IPO shares of a company can check for filings on platforms like SPAC Research and SPAC Insiders. A broker or investment manager can assist you in the process of buying pre-IPO shares of SoFi or another SPAC IPO.  

After the company is officially public through the new SPAC IPO deal, investors can purchase shares of the stock through their usual platform or brokerage.  


Ipo date sofi release

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