Compass, which operates an online residential real estate brokerage platform, raised $450 million by offering 25 million shares at $18, the low end of the downwardly revised range of $18 to $19. The company had originally planned to offer 35 million shares at $23 to $26, before decreasing the deal size on Wednesday. Insiders had indicated on $159 million worth of shares in the offering.
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.
Compass plans to list on the NYSE under the symbol COMP. Goldman Sachs, Morgan Stanley, Barclays, Deutsche Bank and UBS Investment Bank acted as lead managers on the deal.
