At first blush, SoFi Technologies (SOFI) seems an enterprise on the up and up. Most obviously, interested investors only need to consider the remarkable performance of SOFI stock. Since the beginning of this year, shares have skyrocketed to exactly double their value. In the trailing one-year period, SOFI gained slightly over 54%, hoping to spark a turnaround after its own shaky initial public offering.
Now, SoFi has come full circle, representing one of the 20 banks underwriting the IPO of grocery delivery platform Instacart, according to Bloomberg. As the news agency pointed out, SoFi has been involved with other public market debuts but only via special purpose acquisition companies (SPACs). This is the first time SoFi will take a crack at the traditional IPO market.
