Getting in on that ARM IPO through Sofi

I opened a Sofi bank account back in December 2021 and I forgot why. I THINK it was because I had heard you could subscribe to IPO’s through them. But I think IPOs sort of dried up. I even forgot I had an account with them until recently. That’s also when I realized you had to sort of opt-in to get access to the IPO’s, so maybe that’s why I never got any IPO emails for the past 2 years.

I opted in back in July of this year. The first IPO email came out to buy $ODD. I wasn’t sure who they were and passed. It priced at $35 and was hot for the first month (trading above $50.) And now it’s trading at $30. Sofi does want you to hold IPO’s for 3-6 months. If you sell before then, there would be a $50 selling fee but then they may block you from future IPO’s.

Anyway, 2 weeks ago, Sofi sent out 2 IPO’s – Instacart and ARM. I passed on Instacart, but I did go for ARM. I had requested 100 shares, but since I didn’t have enough cash in my account, I had to change it down to 68 shares. However, once the dust settled, I only got 30 shares of the 68 I had requested. I do plan on keeping the stock for a while. The lesson learned is to make sure you have enough cash in SOFI and request way more than you think you’ll actually buy. I heard the ARM IPO was 6X oversubscribed, so that’s why people were only getting a fraction of what they requested.