Shares of SoFi Technologies Inc. are off about 3% in premarket trading Tuesday after the company announced that certain shareholders would be conducting a secondary offering of 50 million shares.
The company listed the selling shareholders as entities affiliated with SoftBank Group Corp., Silver Lake Partners, Qatar Investment Authority, Red Crow Capital LLC and ChaChaCha SPAC 5 LLC in a late Monday press release.
The offering won’t change the number of SoFi shares outstanding, and SoFi won’t raise money through the offering. Barclays will serve as the underwriter.
SoFi shares have added 60% over the past three months as the S&P 500
has risen about 5%.