SoFi Shares Sink over 6% in Wake of $1.5 Billion Stock Offering

Bloomberg
Jul 30

SoFi Technologies Inc. dropped over 6% in premarket trading after the provider of consumer financial services said it’s selling $1.5 billion of stock.

The company is offering the shares for $20.85 to $21.50 apiece, said a person familiar with the matter who asked not to be identified because the information wasn’t public yet. That would be a discount of up to 6.9% on Tuesday’s closing price of $22.40.

A representative for SoFi didn’t immediately respond to a request for comment on the price range.

Goldman Sachs Group Inc. is leading the offering and SoFi plans to use the proceeds for general corporate purposes, “including working capital and other business opportunities,” the San Francisco-based company said Tuesday in a statement.

Earlier in the day, SoFi reported second-quarter results that beat Wall Street estimates as the company’s investments in fee-based businesses flowed through to profits.

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