Compass, which operates an online residential real estate brokerage platform, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $882 million by offering 36 million shares at a price range of $23 to $26. At the midpoint of the proposed range, Compass would command a fully diluted market value of $12.5 billion.
Compass provides an end-to-end platform for residential real estate agents, which includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, and other functionality. Through 2020, Compass agents have represented either sellers or buyers of more than 275,000 homes. Compass is the largest independent real estate brokerage by Gross Transaction Value, with a 4% share of the US market.
Compass was founded in 2012 and booked $3.7 billion in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol COMP. Goldman Sachs, Morgan Stanley, Barclays, Deutsche Bank and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of March 29, 2021.
