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Compass Inc, the U.S. real estate technology firm backed by SoftBank Group, said on Wednesday it sold shares when it went public at $ 18 each, at the lower end of its narrow target range to raise $ 450 million. dollars.
Compass previously set a price range of $ 18 to $ 19 per share, reduced from its previous target of $ 23 to $ 26. At $ 18, a fully diluted valuation, which includes securities like options and restricted stocks, would be $ 9 billion, up from $ 6.4 billion in its last private funding round in 2019.
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The IPO is a sign of investor fatigue for new stocks, as companies have already raised more than $ 36 billion from US IPOs this quarter, up more than 360% on a year, according to Refinitiv.
Intermedia Cloud Communications announced on Wednesday that it had postponed its IPO due to difficult market conditions.
New York-based Compass was founded in 2012 by former Twitter Inc engineer Ori Allon and former Goldman Sachs executive Robert Reffkin. It covers 46 metropolitan statistical areas in the United States and works with more than 19,000 agents.
A SOFTBANK COUPANG RAISED BY $ 4.6B UNDER THE OPTION IN THE UNITED STATES
He has raised $ 1.5 billion from investors including SoftBank, Goldman Sachs and the Canada Pension Plan Investment Board.
Compass shares are expected to begin trading on the New York Stock Exchange on Thursday under the symbol “COMP”.
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Goldman Sachs, Morgan Stanley and Barclays are the main underwriters.
(Reporting by Niket Nishant in Bengaluru and Echo Wang in Miami; Editing by Elaine Hardcastle, Richard Chang and Shailesh Kuber)
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