{"id":2156,"date":"2021-04-04T21:14:25","date_gmt":"2021-04-04T21:14:25","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2021\/04\/04\/compass-makes-its-hotly-anticipated-wall-street-debut\/"},"modified":"2025-03-13T02:37:17","modified_gmt":"2025-03-13T02:37:17","slug":"compass-makes-its-hotly-anticipated-wall-street-debut","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2021\/04\/04\/compass-makes-its-hotly-anticipated-wall-street-debut\/","title":{"rendered":"Compass makes its hotly anticipated Wall Street debut"},"content":{"rendered":"\n<p>Residential brokerage <strong>Compass<\/strong> is now a publicly traded company, with shares trading at $20.15 at close of the <strong>New York Stock Exchange<\/strong> on Thursday.<\/p>\n\n\n\n<p>The New York City-headquartered company began offering shares Thursday morning. Investors initially paid $21.15-a-share to grab a stake in the fast-growing but money-losing real estate outfit before trailing off.<\/p>\n\n\n\n<p>Compass CEO Robert Reffkin made good on a pledge announced last fall to go public, the next logical fundraising move for the eight-year-old company. Compass had already netted $1.6 billion in venture capital money, with Tokyo-based <strong>SoftBank<\/strong> the largest financier.<\/p>\n\n\n\n<p>Last week, the brokerage announced in a Securities and Exchange Commission filing that it sought around $882 million from its initial public offering by trading 36 million shares at $23 to $26.<\/p>\n\n\n\n<p>That <a href=\"https:\/\/preprod.housingwire.com\/articles\/compass-scales-back-ipo-valuation-target-to-7-billion\/\" target=\"_blank\" rel=\"noreferrer noopener\">ambition was scaled back considerably yesterday<\/a> when the company disclosed it would offer 25 million shares at a price point closer to $18.50, or an aimed-for fundraise of $463 million.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-vivid-red-background-color has-vivid-red-color\"\/>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/preprod.housingwire.com\/articles\/how-lenders-benefit-from-new-proctor-financial-acquisition\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>How lenders will benefit from Proctor Financial\u2019s acquisition of Loan Protector<\/strong><\/a><\/p>\n\n\n\n<p class=\"has-text-align-center\">HW+ Managing Editor Brena Nath joins Proctor Loan Protector executives Damon Laprade and Mike Dimas to discuss the acquisition and the new brand, Proctor Loan Protector.<\/p>\n\n\n\n<h6 class=\"has-text-align-center wp-block-heading\" id=\"h-presented-by-proctor-loan-protector\"><strong>Presented by: Proctor Loan Protector<\/strong><\/h6>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-vivid-red-background-color has-vivid-red-color\"\/>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Compass\u2019s hoped-for market value is $7.2 billion, <a href=\"https:\/\/blog.thomvest.com\/compass-s-1-deep-dive-c554ca5c4782\" target=\"_blank\" rel=\"noreferrer noopener\">according to a note<\/a> released Wednesday by Nima Wedlake, a principal at <strong>Thomvest Ventures<\/strong>.<\/p>\n\n\n\n<p>Wedlake hypothesizes that Compass will enjoy a greater market value than <strong>Realogy<\/strong>, arguably its most apples-to-apples competitor, which has a market cap of $1.8 billion.<\/p>\n\n\n\n<p>However, \u201cthe company will trade at a lower multiple than other tech-enabled real estate platforms such as Zillow, Opendoor, Redfin, and eXp.\u201d<\/p>\n\n\n\n<p>Whether Compass is \u201ctech enabled\u201d has been met with skepticism by other analysts, such as Jack Micenko of <strong>Susquehanna International<\/strong>, who sees the brokerage having no unique tech that can <a href=\"https:\/\/preprod.housingwire.com\/articles\/inside-compasss-colorful-past-and-publicly-traded-future\/\" target=\"_blank\" rel=\"noreferrer noopener\">transcend housing market booms-and-busts<\/a>.<\/p>\n\n\n\n<p>Compass has consistently lost money, posting a $270 million net income loss in 2020 and over $1 billion since its inception in 2013. Compass last year generated $664 million in revenue, when agents&#8217; commission shares are subtracted.<\/p>\n\n\n\n<p>One subplot of palace intrigue: Reffkin and fellow Compass co-founder Ori Allon rang the NYSE\u2019s ceremonial opening bell.<\/p>\n\n\n\n<p>While Reffkin is CEO and chairman of the board, Allon left the board in February and is not mentioned at all in Compass\u2019s otherwise voluminous SEC filings except as a company shareholder.<\/p>\n\n\n\n<p>Questions left with Compass about Allon\u2019s present role have gone unreturned. He is <a href=\"https:\/\/www.compass.com\/about\/team\/\">listed on Compass\u2019s website<\/a> as \u201cco-founder and chief strategist.\u201d<\/p>\n\n\n\n<p>In just eight years, Compass has rocketed to No. 2 in sales volume among all brokerages, trailing only Realogy,&nbsp;<a href=\"https:\/\/preprod.housingwire.com\/articles\/these-brokerages-topped-the-realtrends-500-in-2020\/\" target=\"_blank\" rel=\"noreferrer noopener\">according to RealTrends data released last week<\/a>. The brokerage currently operates in 46 markets with 19,000 agents nationwide, with much of the growth coming from the more than $300 million in acquisitions it&#8217;s paid over the last three years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Controversial resi brokerage Compass made its Wall Street debut on Thursday. At the market&#8217;s close, the stock traded at $20.15.<\/p>\n","protected":false},"author":16592,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[736],"class_list":["post-2156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Compass makes its hotly anticipated Wall Street debut - RealTrends - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/preprod.realtrends.com\/blog\/2021\/04\/04\/compass-makes-its-hotly-anticipated-wall-street-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Compass makes its hotly anticipated Wall Street debut\" \/>\n<meta property=\"og:description\" content=\"Controversial resi brokerage Compass made its Wall Street debut on Thursday. 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