IPO Report: SoFi stock gains in first trading day after SPAC merger

SoFiShares of SoFi Technologies Inc. SOFI are up more than 7% in Tuesday’s session, which marks the first day of trading for SoFi shares following the financial technology company’s merger with Social Capital Hedosophia Holdings Corp. V, a special-purpose acquisition company. The SPAC deal assigned SoFi a post-money equity value of $8.65 billion. SoFi is led by Anthony Noto, a former chief operating officer of Twitter Inc. TWTR, and the company offers a variety of financial-services products including home loans and small-business financing using a digital model.

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