IPOE - Why Shares of the Company Taking SoFi Public Are Rising Today
Shares of Chamath Palihapitiya's blank check company, Social Capital Hedosophia Holdings V (NYSE: IPOE) , rose as much as 11% at one point today on news that it could complete its merger with the online lender SoFi as soon as May 28. SoFi could start trading on the Nasdaq under its own ticker, "SOFI," as soon as June 1.
Social Capital Hedosophia Holdings V is one of several special purpose acquisition companies (SPACs) that Palihapitiya has launched. SPACs are essentially shell companies that raise capital with the intention of merging with a private company and taking them public.
Investors have generally looked favorably at SoFi and its wide offering of financial services, which include personal loans, student loans, and mortgages, as well as checking accounts, credit cards, an online brokerage, and more.
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Why Shares of the Company Taking SoFi Public Are Rising Today