SoFi Shares Tumble in Wake of $1.5 Billion Stock Offering

SoFi Technologies Inc. dropped in extended trading Tuesday, wiping out earlier gains, after the provider of consumer financial services said it’s selling $1.5 billion of stock.

The company is offering the shares for $20.85 to $21.50 apiece, said a person familiar with the matter who asked not to be identified because the information wasn’t public yet. That would be a discount of up to 6.9% on Tuesday’s closing price of $22.40.