Connect with us

Real Estate

Compass, A A lot-Hyped Actual Property Startup, Recordsdata To Go Public



Compass, a much-hyped residential brokerage, has filed paperwork with the Securities & Trade Fee for a doable IPO, the corporate introduced on Monday.

“The variety of shares to be provided and the worth vary for the proposed providing haven’t but been decided,” the assertion said. It additionally didn’t present a timeline for the providing, apart from that it could happen after the SEC’s evaluate course of.

Fueled by $1.5 billion in funding, together with from SoftBank, Compass has feverishly sought to recruit brokers from rival corporations. Its valuation has swelled in flip, to a reported $6.4 billion following a $370 million funding spherical in 2019.

A spokesperson for the corporate declined to offer further particulars on the doable IPO.

Compass was based in 2012 by Ori Allon and Robert Reffkin, the latter of whom serves as CEO. Reffkin boasts a shiny resume. He beforehand labored at Goldman Sachs, the place he was a vp earlier than changing into chief of employees to the agency’s president and chief working officer. Earlier than that, he frolicked at McKinsey, Lazard and the Division of the Treasury.

If it completes the IPO, Compass will be part of a bevy of startups which have gone public within the final 12 months—many facilitated by SPACs, or particular goal acquisition corporations— together with Opendoor, Airbnb, DoorDash and Snowflake.

The corporate had a rocky spring on the onset of the pandemic, when it laid off 15% of its employees, in accordance to The Actual Deal. Due to the frenzied residential actual property market, nonetheless, it “reported report income in June, July and August.”

Evidently, Reffkin hopes to strike whereas the iron remains to be scorching.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *