(Reporting by Joshua Franklin in Miami, Anirban Sen in Bangalore and Krystal Hu in New York; Editing by Steve Orlofsky). SoFi had planned to go public through a traditional initial public offering (IPO) in 2021 after raising money in a private round but chose the SPAC route because it preferred the deal certainty and the ability to make projections in talks with investors, Noto said. SoFi, a business that’s backed by one of Mr Ackman’s rivals, is the first privately owned company to announce its intention to reverse into a dedicated shell company this year. That story is about to play out again soon in new SPACs, don’t say I didn’t warn you. The company has also branched out into stock trading and cash management accounts. SoftBank Group Corp.(), a Japanese multinational conglomerate holding company headquartered in Minato, Tokyo with over $300 billion in assets, is … Joshua Franklin and Anirban Sen and Krystal Hu. A look at the US IPO calendar for the first two weeks of January shows no less than 15 SPACs scheduled to come to the market in that time frame. Palihapitiya has been one of the most prolific sponsors of SPACs, merging them with a range of companies, from space tourism firm Virgin Galactic Holdings Inc to home-selling platform Opendoor Technologies Inc. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. Now may be the time to consider how to structure a Chinese FX company. China spent a year purging itself of global FX brokers. Social Capital Hedosophia V is one of three so-called special purpose acquisition companies (SPACs) backed by U.S. investor Palihapitiya and London-based Ian Osborne that are currently looking for acquisitions. Reddit bans subreddit group "r/DonaldTrump" ... SoFi going public via SPAC. They have emerged as a popular IPO alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised. We’re on a journey to solve and democratize artificial intelligence through natural language. 1 Russia’s ready to rumble: IFRS work plan for 2021 The Russian Ministry of Finance has released the ‘Interagency Working Group’s work plan for IFRS applications for 2021’, with a tantalising glimpse of XBRL unification.The working group will cover […] Read more about cookies here. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. SPACs proved to be very popular in 2020 and the rush to list the blank cheque acquisition vehicles shows no sign of slowing down in 2021. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Please try again. Online lending startup Social Finance Inc (SoFi) is nearing a deal to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya, people familiar with the matter said on Thursday. Unauthorized distribution, transmission or republication strictly prohibited. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Using predictive technologies, insurers use big data to discern trends and forecast future events. When complete the deal is thought likely to raise around $2.40 billion of fresh cash for the business, with half of that money coming from a so-called PIPE deal. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. A welcome email is on its way. We encountered an issue signing you up. It has also launched its own investment platform SoFi Invest that offers members active or automated investment, alongside the chance to trade stocks commission-free. InvestorPlace – Stock Market News, Stock Advice & Trading Tips IPOE stock is shooting higher after Chamath Palihapitiya announced that his blank-check company will stage the SoFi SPAC merger. Stripe, Tanium, Roblox, SoFi, Robinhood, Coinbase, Bumble, Rivian, etc WILL NOT GO THE IPO ROUTE. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Once the reversal into the SPAC is complete SoFi should have a market cap in excess of US$8.0 billion. This advertisement has not loaded yet, but your article continues below. Structured data gets stored as pre-defined fields and tables, while unstructured could be social media, recorded videos or documents. The company said in October it had received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency in its application for a national bank charter. 2 weeks IPOE Stock: 9 Things to Know Ahead of the SoFi SPAC Merger InvestorPlace . So you remember the 2020 SPAC Quantumscape Corp (QS)? ... SoFi, a San Francisco-based personal finance company, agreed to go public via a reverse merger with a blank-check company called Social Capital Hedosophia Holdings Corp. V at an $8.65 billion valuation. SoFi to Go Public Through SPAC Merger at $8.6B Valuation; S1 page company research and more updates from Pre IPO Swap; Inside Anduril, the startup that is building AI-powered military technology; SoftBank-backed online lender SoFi eyes IPO; SEC Approves NYSE Direct Listing Proposal The chair of ESMA, Steven Maijoor, has bemoaned the lack of such resources., famously saying in the past that: “After nearly 2 years of operating under MiFID II, we’re still lacking a reliable view of liquidity across the EU”, Assets under management in these types of investments have risen 5 fold over the last 12 months to stand at around €2.30 billion today, Not only did turnover increase substantially at IG Group, profitability did as well, and the business made £231.30 million in the first 6 months of the financial year. To consider how to adjust your email settings your article continues below will soon be in your inbox 2021 be! 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