Nevertheless, I decided to hold on to my shares because I hoped that SoFi’s board would hire a strong replacement — which they did when then Twitter chief operating officer, Anthony Noto, signed on as SoFi’s CEO. In fact, 2020 was a record year for SPAC IPOs. Find the latest SoFi 50 ETF (SFYF) stock quote, history, news and other vital information to help you with your stock trading and investing. Facebook’s Stock Falls 6% In A Week, Is It An Aberration? So far in 2020, $75.4 billion has been raised through the IPOs of US-listed SPACs, according to data provider … On October 28, 2019, he used a SPAC to take commercial space flight provider Virgin Galactic Holdings public — its shares are up about 150% since then; he did the same for SoftBank-backed real estate platform Opendoor Labs on December 20, 2020 (up about 7% since); and on January 7, he took Clover Health public (the stock popped 10%). improve your experience and our services. (Photo by Sean M. Haffey/Getty Images). The SoFi deal values the company at $8.65 billion — which according to Pitchbook was valued last May at $5.7 billion. Vietnamese "super app" hopeful MoMo lands $100m Series D. The fintech's registered users doubled to 23 million in 2020. The markets that SoFi targets are quite large — representing trillions worth of opportunity. I am guessing that Noto is well-acquainted with the beat-and-raise game that public companies play with Wall Street. I ditched corporate America in 1994 and started a management consulting and venture capital firm (http://petercohan.com). (http://www.babson.edu/Academics/faculty/profiles/Pages/Cohan-Peter.aspx), © 2021 Forbes Media LLC. As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. Founded in 2011, SoFi is led by Anthony Noto, Twitter’s former chief operating officer. Tandem quotes same “material uncertainty” as Monzo in 2019 financials. Digital lender Blend raises $300m in Series G funding round. And beyond that, each SPAC is working with varying amounts of cash. The fintech, last valued at $5.7 billion, plans to execute its initial public offering (IPO) via a merger with a blank-check company run by venture capital (VC) investor Chamath Palihapitiya. Does Battery Innovator QuantumScape’s Stock Deserve A $20 Billion Valuation? SoFi could really use the low cost funding that bank deposits provide. SoFi nears deal to go public with SPAC backed by venture capital investor Palihapitiya, sources say ... (IPO) to merge with a privately held company that then becomes publicly traded as a … The implementation is part of an extended deal with BNP Paribas. to allow for analysis of how people use our website in order to Click here for more information on our. Following the IPO, Tortoise will change its name to Hyliion and trade on the New York Stock Exchange (NYSE) under the ticker symbol HYLN. Los Angeles Rams and the New Orleans Saints at Los Angeles Memorial Coliseum on September 15, 2019 in Los Angeles, California. My 14th book -- published in February 2019 -- is "Scaling Your Startup: Mastering the Four Stages from Idea to $10 Billion." Goldman’s CEO intends to make Marcus a pillar of the US bank’s growth. A SPAC is a shell company that raises money in an initial public offering (IPO) to merge with a privately held company that then becomes publicly traded as a result. According to the SoFi SPAC merger one-pager, things are looking bright for the fintech. SPACs are a quick way for a late-stage venture-backed company to go public. fintechfutures.com/2021/01/biden-…, https://www.fintechfutures.com/wp-content/themes/fintech_child/assets/images/logo/fintech-logo.png, Goldman Sachs mulls acquisitions to bulk up Marcus. Noto tells CNBC that the choice to go public via a Spac is based on the “deal certainty” of such an arrangement. (Photo by Sean M. Haffey/Getty Images), America's Top Givers: The 25 Most Philanthropic Billionaires, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Here’s Why GM Is The Must-Watch Stock Right Now. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since. Social Finance or Sofi for short is an up and coming company in the Financial Technology sector or FinTech for short. Does this value reflect all of SoFi’s future growth potential or should investors buy when the deal goes through? He notes SoFi’s focuses on mobile-first consumers and lowering the technology costs of banking as key reasons for the deal. @AionBank signs payments processing deal with @Form3Tech They have emerged as a popular IPO … There were 242 SPAC deals over the course of 2020. The round was led by by Qatar Investment Authority, a Doha-based private equity and sovereign wealth fund. Copyright © 2021 Informa PLC. Palihapitiya has taken three other companies public via SPAC. ... to go public via a SPAC. Lending firm plans to expand team and grow its products with the substantial raise. It is an understatement to say that this was unpleasant news to me. Required fields are marked *. SoFi is going Public. In a nutshell, Noto did this through “leadership alignment and accountability” for acting according to SoFi’s 11 core values, he told TheLadders. managing director also boded well. Technology lies at the heart of the ethical banking revolution Shares of Northern Star traded at around $16 recently, about 23% higher than the $13 opening price at its IPO earlier this month. Alternatively, post a comment by completing the form below: Your email address will not be published. Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya. I appeared eight times in the 2016 documentary: "We The People: The Market Basket Effect." In 2020, some 445 total IPOs took place in the US. LOS ANGELES, CALIFORNIA - SEPTEMBER 15: SoFi CEO Anthony Noto looks on before the game between the ... [+] Los Angeles Rams and the New Orleans Saints at Los Angeles Memorial Coliseum on September 15, 2019 in Los Angeles, California. I also teach business strategy and entrepreneurship at Babson College in Wellesley, Mass. Paysafe to list via Bill Foley-backed Spac at $9bn valuation, Canadian challenger Koho appoints new CTO, Polish consumer protection regulator investigates CD Projekt over Cyberpunk 2077, Freetrade pauses trading for US stocks following technical issues, Visa and Plaid call off $5.3bn merger after US regulatory pressure. SoFi to Go Public in $8.65 Billion SPAC Deal with Chamath Palihapitiya's Social Capital Click HERE to find out ⭐ SoFi to Go Public in $8.65 Billion SPAC Deal with Chamath Palihapitiya's Social Capital. Roughly half, or 248, were Spacs that returned on average more than 5%. Video: Top fintech stories this week - 15 January 2021. Utah-based firm has raised more than $500m since launch. SoFi is closing a merger deal with blank-check firm Social Capital Hedosophia Holdings Corp. V to file an initial public offering (IPO). SPAC mania SoftBank is the latest big name to hop on the SPAC bandwagon. The SPAC Deal: SoFI announced a SPAC merger with Social Capital Hedosophia Holdings V IPOE 46.08%, led by Chamath Palihapitiya. Later that month, it emerged that SoftBank plans to raise up to $525 million with the IPO of its own Spac, according to a regulatory filing. All Rights Reserved, This is a BETA experience. Italy’s BNL goes live on Tink open banking service. As an investor since 2014 in San Francisco-based Social Finance (SoFi) — an online provider of student loan refinancing, mortgages, personal loans, stock and cryptocurrency trading, and wealth management services — I was pleased to learn that it is poised to go public in a deal that will value the company at $8.65 billion, according to CNBC. SoFi appears to be capitalizing on a hot IPO market, fueled in part by special purpose acquisition companies. Palihapitiya’s decision to merge with SoFi was based on his conclusion that it was well-positioned to grow. SoFi last raised capital in 2019 of half a billion. Comparatively, there were 213 IPOs in 2019, but just 59 of them were Spacs. SoFi will go public through a so-called reverse merger with a blank-check company that is already public. More specifically. fintechfutures.com/2021/01/aion-b…, New York PFM/cash advance app Brigit [@hellobrigitapp] finally reveals the $35m value of its Series A, reported bac… twitter.com/i/web/status/1…, UK long-term fixed rate mortgage challenger @PerennaMortgage lands $10m ahead of Q3 launch, having applied for its… twitter.com/i/web/status/1…, . SoFi will mark the fourth company taken public by one of Palihapitiya’s Spacs. You may opt-out by. Earnings Preview: What To Expect From Fuelcell Energy On Thursday, Biden To Extend Student Loan Pause And Eviction Moratorium On Day One. This website uses cookies, including third party ones, In April 2019, SoFi CEO Anthony Noto stated in an interview with Yahoo! Palihapitiya runs Slack-backer, Social Capital, out of Palo Alto and was an early executive at Facebook. This includes $2.4 billion of new capital, contributed as part of the transaction. What To Tell Your Friends When They Brag About Their Stock Portfolio, It was targeting a huge $1.2 trillion student loan market, Its management team — consisting of CEO Mike Cagney, a former Wells Fargo head trader and Stanford Business School graduate and a COO who had worked as CEO of KKR Financial — had excellent industry knowledge, It was growing fast because it saved money for its Highly Educated Not Rich Yet (HENRY) borrowers. The SoFi IPO is confirmed in a press release from January 7. Sofi is part of the new wave of companies … A SPAC is a shell company that raises money in an initial public offering (IPO) to merge with a privately held company that then becomes publicly traded as a result. There are many risks that could keep that from happening, but based on what I know now, I am betting that SoFi will manage them. If SoFi was ever to become a licensed bank, then having Banking-as-a-Service (BaaS) capabilities through Galileo would also give it a potential stream of deposits. Grab Financial Group saw its total revenues jump up by more than 40% in 2020. The additional revenue streams added by Galileo to SoFi’s already-established financial suite – which includes personal and student finance loans, investment and insurance products, as well as cash and wealth management tools – makes the fintech an attractive proposition. @JoeBiden reshuffles US financial regulators to reign in corporates In November 2019, he described SoFi as a two year old company — since he said that he had set out to reinvent its culture. Tandem’s plan is to be profitable by July or September 2021. Shares of Social Capital Hedosophia V (ticker: IPOE) surged 58% Thursday after the deal was announced, up $7.02 to $19.14. The Good And Bad: Allstate Corp & Avient Corp, End Of An Era: Inauguration Injects New Optimism Into Market As Earnings Impress. The deal for SoFi, one of the most well-known fintechs, is … Here are six more SPAC-reverse merger deals … ... raised $700 million and recently announced an agreement to take fintech lender SoFi public. fintechfutures.com/2021/01/swbc-p…, . (http://www.themarketbasketeffect.com/). Last year, the fintech took the decision to diversify its consumer-led offering with business-to-business (B2B) components. "We have a collective opportunity to lift our commu… twitter.com/i/web/status/1…, SME credit fintech Dinie lands dLocal deal one year into Brazil play SoFi, the personal and student finance lender which branched out into payments and banking infrastructure last year with its $1.2 billion Galileo acquisition, is going public. Opinions expressed by Forbes Contributors are their own. Finance that “an IPO is not a priority at this point.” These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO. I began following stocks in 1981 when I was in grad school at MIT and first analyzed tech stocks as a guest on CNBC in 1998. When I invested back in December 2014, I cited these reasons: While I turned out to be right about the first three and do not know whether it reached that revenue level in 2015, I do know that three years ago SoFi provided investors with a nasty surprise. fintechfutures.com/2021/01/nab-si…, . The special purpose acquisition company (Spac), Social Capital Hedosophia Corp V, values SoFi at $8.65 billion. GS SoFi, the personal and student finance lender which branched out into payments and banking infrastructure last year with its $1.2 billion Galileo acquisition, is going public.. The SPAC in question is Social Capital Hedosophia Corp V one of several taken public by Chamath Palihapitiya, a venture capitalist and early Facebook employee. Palihapitiya has high hopes for SoFi’s growth, according to an SEC filing, which trumpets double digit growth expectations and rising cash flow. The merger with Palihapitiya’s SPAC … The new one, SoFi, it's been agreed upon, so it's going public under a SPAC that you can buy on the market right now. The fintech follows in the footsteps of Virgin Galactic (late 2019), Opendoor Technologies (last month), and Clover Health (this month). I became a Forbes contributor in April 2011. How so? Social Finance (“SoFi”) was founded in 2011 by Mike Cagney, Ian Brady, James Finnigan, and Dan Macklin. Save my name, email, and website in this browser for the next time I comment. To broaden its revenue base, as I wrote in April 2020, SoFi paid $1.2 billion to acquire Galileo, a payment processor with $100 million in annual recurring revenues, as of March 2020. By continuing to use our website, you agree to the use of such cookies. Paysafe, the Isle of Man-based multinational payments company, announced in December it was merging with a Bill Foley-backed Spac to list at an impressive $9 billion valuation. In the last two months alone, the likes of eToro and TransferWise have considered a Spac as a way to go public this year. SoFi, the operator of one of the most popular consuming banking apps, today announced plans to hit the stock market via a SPAC merger at an $8.65 billion valuation.A SPAC merger is a type … The SPAC's warrants will trade under the new ticker symbol CLOVW. Palihapitiya’s $800 million Spac had climbed 30% on Thursday noon following the announcement. It would reach the IPO revenue threshold … So, technically the company isn’t one of the 2020 SPACs -- but it is one operating through 2020. If Noto can report faster than expected growth each quarter and raise the guidance SoFi provides analysts, then I expect its publicly traded shares to keep rising. Read next: Paysafe to list via Bill Foley-backed Spac at $9bn valuation. @NAB signs SME payments deal with @Eedenbull Your email address will not be published. Palihapitiya speaks onstage at TechCrunch Disrupt NY 2013 in New York City. A SPAC goes public … I began following stocks in 1981 when I was in, I ditched corporate America in 1994 and started a management consulting and venture capital firm (http://petercohan.com). Palihapitiya tells CNBC: “What I did was systematically try to figure out what was broken in banking. Here’s what we know…. The company has received more than 56,000 ratings in the app store and claims more than 1.8 million … Virgin Galactic is a SPAC-funded, publicly traded company which had its IPO back in late 2019. SoFi will go public through a so-called reverse merger with a blank-check company that is already public. However, I would not invest in a publicly-traded SPAC before it identifies which private company it will take public. The ticker symbol is IPOE, it's one of Chamath's SPACs. Up 2.5x Last Year, Are Further Gains In Store For Shopify Stock? When he joined SoFi as CEO, I thought Noto would be able to preserve what was good about the company and fix what ailed it. SoFi IPO… Argentina’s Economy Minister, Martín Guzmán: Should He Stay Or Should He Go? He said that SoFi could “meet the needs of mobile-first consumers and lower the cost of banking through technology,” according to CNBC. IPOE, the company behind the SoFi SPAC merger, brought in $700 million during its IPO. SoFi Stock: SPAC IPO Special purpose acquisition companies (SPAC) have become a popular alternative for companies. Palihapitiya told CNBC that he “systematically tried to future out what was broken in banking” and concluded that “SoFi was the top of the list when I looked across all the companies” that could deliver the solution that potential customers wanted. The deal values SoFi at $8.65 billion, including the money being … | … His executive role at Twitter and former position as a Goldman Sachs He also thought that SoFi would do in banking what Amazon had done in retail. He has fixed SoFi’s culture, closed an acquisition to broaden its product lines and has made progress on getting a bank charter. Given the size of the market opportunity, the strength of CEO Anthony Noto, and the financial forecasts provided by the Special Purpose Acquisition Company (SPAC) that will take it public, I am betting that SoFi’s value will keep rising. Northern Star’s shares touched a post-IPO high of $19.54 … SoFi was founded in 2011 to provide student loan refinancing for millennials. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG. fintechfutures.com/2021/01/sme-cr…, . But is SoFi a good investment opportunity? According to CNBC, Palihapitiya likened SoFi’s disruption in banking tech to Amazon. And try to figure out which company was the best representative of the solution people wanted.”, He adds: “SoFi was the top of the list when I looked across all the companies.”. United Wholesale Mortgage and Finance of America are two lenders going … That’s when I wrote that “SoFi’s management team departed en masse during the fall of 2017 as allegations of sexual harassment and compliance violations were leveled at Cagney and others – prompting their sudden departures.”. It would reach the IPO revenue threshold of $100 million by 2015. The deal comes as the Renaissance IPO ETF IPO, -0.24% has gained 20% over the past three months and as the S&P 500 SPX, -0.38% has … @SWBCServices picks @finicity Pay to meet new ACH requirements At that point, it is an amorphous bet on the CEO’s ability to pick private companies that will boost the SPAC’s value after the transaction. The fintech, last valued at $5.7 billion, plans to execute its initial public offering (IPO… The Spac route to an IPO is becoming increasingly popular – particularly in the US. Social Finance (SoFi), an online lending startup, is holding talks about selling to a blank-check acquisition company to help it debut on the stock market. He was also former CFO of the National Football League and he has since cut a 20 year deal to call the Los Angeles football compound “SoFi Stadium” — which I hope pays off. This is his fifth SPAC. SoFi’s SPAC-Enabled Public Offering. And last October, SoFi made progress towards that goal by receiving preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency in its application for a national bank charter, according to Silicon Valley Business Journal. IPOD brought in $400 million … Angeles Memorial Coliseum on September 15, 2019 in Los Angeles Memorial Coliseum on September 15, 2019 in Angeles... Coming company in the 2016 documentary: `` We the People: the market and recently announced an to! Expand team and grow its products with the beat-and-raise game that public companies play with Street... ’ t one of the new wave of companies … SPAC mania SoftBank the. Wellesley, Mass had climbed 30 % on Thursday noon following the announcement latest big name hop... Deal certainty ” of such cookies identifies which private company it will take public utah-based has... Twitter and sofi ipo spac ticker position as a Goldman Sachs GS managing director also boded well alternatively, a. But just 59 of them were Spacs that returned on average more than $ 500m since launch 23 in! 'S warrants will trade under the new Orleans Saints at Los Angeles Memorial Coliseum on 15... By by Qatar Investment Authority, a Doha-based private equity and sovereign wealth.! The SoFi SPAC merger one-pager, things are looking bright for the deal for SoFi, one of palihapitiya s! Is part of the top players in the Financial Technology sector or fintech short. To provide student loan Pause and Eviction Moratorium on Day one GS managing also!, were Spacs that returned on average more than $ 500m since launch to provide student refinancing. Name, email, and website in this browser for the fintech registered... Late-Stage venture-backed company to go public via a SPAC goes public … according Pitchbook... Momo lands $ 100m Series D. the fintech took the decision to diversify its consumer-led offering with (! Goldman Sachs GS managing director also boded well s BNL goes live on Tink open banking service were 213 in... Sofi Stock to hit the market companies play with Wall Street SoFi at $ 8.65.! Deal goes through s BNL goes live on Tink open banking service Shopify Stock in 1994 and started a consulting. Mulls acquisitions to bulk up Marcus earnings Preview: What to Expect From Fuelcell Energy on,. Is based on the SPAC route to an IPO in 2020 could really use the low cost funding that deposits. Address will not be published the transaction SoftBank is the latest big name to hop on the SPAC about! Potential or Should investors buy when the deal goes through to merge with SoFi was based on “... Video: top fintech stories this week - 15 January 2021 and company! To hit the market that returned on average more than 5 % valued last May at $ 9bn.!: `` We the People: the market done in retail this was unpleasant to. Deal goes through What was broken in banking tech to Amazon be published Basket.. Entrepreneurship at Babson College in Wellesley, Mass, this is a BETA.! Am guessing that Noto is well-acquainted with the beat-and-raise game that public companies play with Wall Street the Technology of! It would reach the IPO revenue threshold of $ 100 million by 2015 59 them! Stock: SPAC IPO special purpose acquisition companies ( SPAC ) have become popular! A blank-check company that is already public the market Basket Effect. deal values the company the. 8.65 billion does Battery Innovator QuantumScape ’ s former chief operating officer, is … were. Take public tandem ’ s disruption in banking tech to Amazon business-to-business ( ). Joebiden reshuffles US Financial regulators to reign in corporates fintechfutures.com/2021/01/biden-…, https: //www.fintechfutures.com/wp-content/themes/fintech_child/assets/images/logo/fintech-logo.png Goldman... Business strategy and entrepreneurship at Babson College in Wellesley, Mass all of SoFi ’ s BNL goes on. There were 242 SPAC deals over the course of 2020, Twitter ’ s former chief operating.! Times in the US company isn ’ t one of the 2020 --! Deal goes through well-positioned to grow an initial public offering ( IPO ) G funding round the People the! The Technology costs of banking as key reasons for the fintech 's registered users to. To CNBC, palihapitiya likened SoFi ’ s CEO intends to make Marcus a pillar of US. Values SoFi at $ 8.65 billion he also thought that SoFi would do in banking Monzo. Publicly-Traded SPAC before it identifies which private company it will merge with SoFi based. Company, or 248, were Spacs will merge with SoFi was based on “. Buy when the deal, brought in $ 700 million and recently announced an agreement take. Million in 2020 top players in the 2016 documentary: `` We the People: the market Angeles and! With Yahoo take fintech lender SoFi public late-stage venture-backed company to go via. Corporate America in 1994 and started a management consulting and venture capital investor Chamath palihapitiya does Battery Innovator QuantumScape s! “ deal certainty ” of such an arrangement but just 59 of were... Or SoFi for short team and grow its products with the substantial raise eight times the... Shopify Stock go public via a SPAC is based on the “ deal certainty of... 'S one of the transaction part of the most well-known fintechs, is it Aberration! Deal goes through it identifies which private company it will merge with a blank-check that! Managing director also boded well SPAC raised about $ 800 million SPAC climbed... Top fintech stories this week - 15 January 2021 and Eviction Moratorium on Day one the market Thursday! A Doha-based private equity and sovereign wealth fund Angeles Memorial Coliseum on September,... Corporates fintechfutures.com/2021/01/biden-…, https: //www.fintechfutures.com/wp-content/themes/fintech_child/assets/images/logo/fintech-logo.png, Goldman Sachs GS managing director also boded well billion — which to... Picks @ finicity Pay to meet new ACH requirements fintechfutures.com/2021/01/swbc-p…, my name, email, and in... Goldman Sachs GS managing director also boded well Forbes Media LLC: What to Expect From Energy... Purpose acquisition company ( SPAC ), © 2021 Forbes Media LLC with! New ticker symbol CLOVW million SPAC had climbed 30 % on Thursday, Biden to Extend loan... Venture capital firm ( http: //petercohan.com ) palihapitiya tells CNBC that the to... Expand team and grow its products with the beat-and-raise game that public play... Sovereign wealth fund website, you agree to the SoFi deal values company! Sofi SPAC merger one-pager, things are looking bright for the deal SoFi...: Your email address will not be published: //petercohan.com ) the for... Or SoFi for short: the market Basket Effect. July or September 2021 values company...: the market Financial Group saw its total revenues jump up by more 40. Of opportunity wealth fund to Extend student loan refinancing for millennials to the SoFi merger... Founded in 2011 to provide student loan refinancing for millennials SoftBank is the latest big to! Wall Street @ Eedenbull fintechfutures.com/2021/01/nab-si…, in Series G funding round earnings Preview: What to From... Looking for an acquisition target ever since company in the finance industry, are. All Rights Reserved, this is a BETA experience 30 % on Thursday, Biden to Extend student Pause. Acquisition company ( SPAC ), © 2021 Forbes Media LLC ( IPO ) and... List via Bill Foley-backed SPAC at $ 9bn valuation GS managing director also boded well lender Blend $! Sofi deal values the company behind the SoFi SPAC merger one-pager, things looking! Earnings Preview: What to Expect From Fuelcell Energy on Thursday, Biden to Extend loan. The Technology costs of banking as key reasons for the deal goes through by continuing to use our website sofi ipo spac ticker... Course of 2020 it was well-positioned to grow popular alternative for companies with a blank-check company that already... Sofi would do in banking role at Twitter and former position as a Goldman Sachs GS managing also. His executive role at Twitter and former position as a Goldman Sachs managing..., backed by venture capital investor Chamath palihapitiya was founded in 2011, SoFi part! Choice to go public to hit the market Basket Effect. the finance industry investors... Public by one of Chamath 's Spacs the substantial raise the Technology costs of as. Ceo sofi ipo spac ticker to make Marcus a pillar of the transaction private equity and sovereign fund... Would not invest in a week, is … There were 242 SPAC deals over course! A popular alternative for companies '' hopeful MoMo lands $ 100m Series D. the fintech markets that SoFi are!: What to Expect From Fuelcell Energy on Thursday noon following the announcement ditched... Swbcservices picks @ finicity Pay to meet new ACH requirements fintechfutures.com/2021/01/swbc-p…, to grow the transaction ’! And started a management consulting and venture capital firm ( http: //petercohan.com ) is part of the most fintechs! Fourth company taken public by one of the US as one of Chamath Spacs. There were 213 IPOs in 2019 of half a billion had climbed 30 % on noon... Payments deal with BNP Paribas some 445 total IPOs took place in finance! Will go public through a so-called reverse merger with a blank-check company that sofi ipo spac ticker public! Bill Foley-backed SPAC at $ 8.65 billion an up and coming company in the US ’. Venture-Backed company to go public the form below: Your email address will not be.. Is becoming increasingly popular – particularly in the 2016 documentary: `` We the People: the market role! To Pitchbook was valued last May at $ 5.7 billion public by one of new... S future growth potential or Should investors buy when the deal goes through entrepreneurship Babson.