Fintech SoFi drops on pricing $1.5 bln stock offering

SoFi Technologies

05/12/2025 11:56

** Shares of fintech lender SoFi Technologies SOFI.O down 7.4% premarket at $27.42 after overnight $1.5 bln follow-on priced

    ** San Francisco-based SOFI late Thurs said it sold ~54.5 mln shares at $27.50, a 7.1% discount to last sale

** SOFI intends to use net proceeds for general purposes, including enhancing capital position, funding growth and business opportunities, per the statement

** Goldman Sachs, BofA, Citigroup, Deutsche Bank and Mizuho are underwriters

** Co has ~1.2 bln shares outstanding

** SOFI last raised in equity in Jul after $1.5 bln stock offering priced at $20.85

** Through Thurs close, SOFI shares up 92% YTD

** Of 23 analysts covering SOFI, recommendation breakdown is 7 "strong buy" or "buy", 12 "hold" and 4 "sell" or "strong sell" ratings; median PT $27.25, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))