SoFi Blog

Generally speaking, if you have successfully placed an order, you will be informed of the number of units/shares that you will receive on the morning of the IPO.

There can be a very fast turnaround time between when the registration statement is deemed effective and when the security IPOs. This is generally a matter of hours, not days. This also means that the window for confirming orders is in hours. Therefore, SoFi strongly recommends confirming your indication of interest and/or placing your binding order as soon as possible when prompted / when the window is open.

As referenced in the FAQ “What is an indication of interest?”, an IOI is not a binding order because the prospectus has not yet been finalized. Binding orders may only be placed once the registration process concludes and the prospectus is finalized. Therefore, if you placed a non-binding indication of interest you will need to confirm your intent to proceed with the purchase now that you have access to the final terms of the deal, as outlined in the final prospectus, which can be found under ‘IPO investing’ in the Invest tab of the SoFi app. Members who don’t confirm their indications of interest are not eligible to receive an allocation of shares.

Please note, even though you confirm your order, you are not guaranteed an allocation of shares/units. Please see the FAQ “What happens if a deal is oversubscribed?” for more information.

First, go to ‘IPO investing’ in the Invest tab of the SoFi app. Next, select an IPO. Then you’ll need to enter your indication of interest, which lets us know how many shares/units you’re interested in buying. Indications of interest are not considered binding orders because they are made before the prospectus is deemed effective by the SEC. An indication of interest is similar to making a reservation – you are holding your place in line and will be contacted by SoFi to confirm your intent once the deal is live and firm orders can be received. SoFi will alert you when it’s time to confirm your buy order. You will only have a short period of time to confirm your buy order so make sure to do so as soon as possible.

Note: eligible members are able to participate in multiple IPOs, but can only select one at a time as each IPO is unique and carries its own terms, conditions, and risks.

To participate in IPO investing the following qualifications are eligibility requirements: