Compass, which operates an online residential real estate brokerage platform, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also disclosed indications of interest.
The New York, NY-based company now plans to raise $463 million by offering 25 million shares at a price range of $18 to $19. Insiders intend to purchase $159 million worth of shares in the offering. The company had previously filed to offer 36 million shares at a range of $23 to $26. At the midpoint of the revised range, Compass will raise -48% less in proceeds than previously anticipated.
Compass was founded in 2012 and booked $3.7 billion in revenue 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.
