SoFi Technologies (SOFI.US) Prices $1.5B Share Offering at Discount, Stock Plunges After Hours

Stock News12-05

Fintech firm SoFi Technologies (SOFI.US) is seeking to raise $1.5 billion through a stock offering to diversify beyond its lending business into other product areas. According to a Thursday statement, the company is working with Goldman Sachs Group on the share sale.

People familiar with the matter revealed that SoFi priced the shares between $27.50 and $28.50 apiece, representing a discount of up to 7.1% compared to Thursday's closing price of $29.60.

SoFi plans to use the proceeds to strengthen its capital position and pursue new business opportunities. Following the announcement, its stock fell 5.8% in after-hours trading to $27.89 per share. Year-to-date through Thursday's close, the shares had surged 92%.

On October 28, SoFi reported record third-quarter adjusted net revenue of $949.6 million, surpassing analysts' estimates of $898.2 million. CEO Anthony Noto attributed the strong performance to the company's expansion into non-lending customer services.

In November, SoFi announced that users could join a waitlist for SoFi Crypto to gain priority access for trading dozens of cryptocurrencies.

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