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OPENDOOR TECHNOLOGIES INC.

(OPEN)
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Four Palihapitiya-backed SPACs to allow retail investors to buy into IPOs via SoFi

06/09/2021 | 08:28am EDT

June 9 (Reuters) - Four blank-check companies, backed by venture investor Chamath Palihapitiya, said on Wednesday that they will give retail investors an opportunity to buy shares in their initial public offerings via Social Finance Inc's (SoFi) online brokerage platform.

SoFi, the lending startup, first said in March that individual investors can buy into IPOs, an investment opportunity traditionally reserved for large Wall Street investors.

Robinhood Markets Inc also unveiled such a platform last month, with FIGS Inc becoming the first company to offer shares to retail investors.

Reuters was first to report plans for Robinhood's new product, called IPO Access, in March.

The special purpose acquisition companies (SPACs), Social Capital Suvretta Holdings Corp I, II, III and IV - launched earlier this month - said they each anticipate up to 5% of Class A ordinary shares in the offering will be available to retail investors through SoFi Securities as an underwriter.

A blank-check company, also known as SPAC, uses capital raised through an IPO to buy a private company, usually within two years. The deal then takes the private company public.

The four SPACs are looking to raise a total of $800 million through initial public offerings with a focus on acquiring biotechnology firms.

Palihapitiya has been a prolific backer of blank-check firms, merging them with a range of companies, from space tourism firm Virgin Galactic Holdings Inc to home-selling platform Opendoor Technologies Inc. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
OPENDOOR TECHNOLOGIES INC. 0.94% 14.96 Delayed Quote.-34.18%
ROBINHOOD MARKETS, INC. 7.20% 37.68 Delayed Quote.0.00%
VIRGIN GALACTIC HOLDINGS, INC. 6.27% 31.87 Delayed Quote.34.30%
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Financials (USD)
Sales 2021 5 379 M - -
Net income 2021 -708 M - -
Net cash 2021 2 209 M - -
P/E ratio 2021 -12,0x
Yield 2021 -
Capitalization 9 039 M 9 039 M -
EV / Sales 2021 1,27x
EV / Sales 2022 0,74x
Nbr of Employees 1 048
Free-Float 85,4%
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Number of Analysts 7
Last Close Price 14,96 $
Average target price 31,83 $
Spread / Average Target 113%
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Managers and Directors
Eric Wu Chairman & Chief Executive Officer
Andrew Low Ah Kee President
Carrie Ann Wheeler Chief Financial Officer
Ian Wong Chief Technology Officer
Daniel Morillo Chief Investment Officer