{"id":2142,"date":"2021-03-24T16:00:28","date_gmt":"2021-03-24T16:00:28","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/03\/24\/compass-aims-for-10b-market-valuation\/"},"modified":"2025-03-13T02:37:11","modified_gmt":"2025-03-13T02:37:11","slug":"compass-aims-for-10b-market-valuation","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/03\/24\/compass-aims-for-10b-market-valuation\/","title":{"rendered":"Compass aims for $10B+ market valuation"},"content":{"rendered":"\n<p>Residential brokerage <strong>Compass<\/strong> took another step toward <a href=\"https:\/\/www.housingwire.com\/articles\/compass-rivals-question-path-to-profitability\/\" target=\"_blank\" rel=\"noreferrer noopener\">becoming a publicly traded company<\/a> Tuesday, declaring it intends to sell common stock at a share price of between $23 and $26.<\/p>\n\n\n\n<p>The New York City-headquartered company will offer 36 million Class A common stock shares to the public, according to the registration statement filed with the <strong>Securities and Exchange Commission<\/strong>, plus another 5.4 million shares to the investment banks underwriting the initial public offering.<\/p>\n\n\n\n<p>If Compass succeeds in selling shares at $24.50, that calculates to $951 million raised, once share discounts to underwriting banks are factored in. The underwriters include <strong>Goldman Sachs Co.<\/strong> \u2013 Compass CEO Robert Reffkin\u2019s former employer \u2013 as well as <strong>Morgan Stanley<\/strong> and<strong> Barclays Capital<\/strong>.<\/p>\n\n\n\n<p>It is not clear when exactly Compass plans to go public. <\/p>\n\n\n\n<p>A successful sale of stock at $24.50 would give the brokerage a \u201cfully diluted market value of $12.5 billion,\u201d <a href=\"https:\/\/www.renaissancecapital.com\/IPO-Center\/News\/79856\/Online-real-estate-brokerage-Compass-sets-terms-for-$882-million-IPO\" target=\"_blank\" rel=\"noreferrer noopener\">according to <strong>Renaissance Capita<\/strong>l<\/a>, a company that researches IPOs. Reuters and other outlets Tuesday morning <a href=\"https:\/\/www.reuters.com\/article\/us-compass-ipo\/softbank-backed-compass-targets-10-billion-valuation-in-u-s-ipo-idUSKBN2BF16G\" target=\"_blank\" rel=\"noreferrer noopener\">pegged Compass\u2019s<\/a> hoped-for market value at $10 billion.<\/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:\/\/www.housingwire.com\/white-paper\/how-to-diversify-your-brokerage-to-weather-economic-hardship\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>How to Diversify Your Brokerage to Weather Economic Hardship<\/strong><\/a><\/p>\n\n\n\n<p class=\"has-text-align-center\">Diversification is one approach brokerages can adopt to help ensure stability in unavoidable times of uncertainty, work to protect their revenue and \u2013 ultimately \u2013 financially weatherproof their business.<\/p>\n\n\n\n<h6 class=\"has-text-align-center wp-block-heading\" id=\"h-presented-by-motto-mortgage\"><strong>Presented by: Motto Mortgage<\/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>Valuations are calculated by taking the total company shares, (as opposed to just shares publicly traded) which is about 400 million shares, and multiplying that by the $24.50 stock price offering. <\/p>\n\n\n\n<p>It would appear that Compass is positioning itself as a technology company and not merely a brokerage. The share price, and related valuation, are ambitious compared to Compass\u2019s peers. Compass <a href=\"https:\/\/www.housingwire.com\/articles\/compass-rivals-question-path-to-profitability\/\" target=\"_blank\" rel=\"noreferrer noopener\">lost $270 million<\/a> in 2020, and it generated $664 million in revenue after the agent\u2019s average 83% cut from each sales commission is subtracted.<\/p>\n\n\n\n<p><strong>Realogy<\/strong> has more than double Compass\u2019s market share (and endured its own $356 million loss in 2020) but traded at $15.09 at close of business Monday. The New York-based Realogy traded at a $1.77 billion market cap.<\/p>\n\n\n\n<p>Meanwhile, Bellingham, Washington-based <strong>eXp World Holdings<\/strong>, which reported $31 million in 2020 profit but has a smaller market share than Compass, traded at $47.46 at the end of Monday. The company has a $6.85 billion market value.<\/p>\n\n\n\n<p>Founded by Reffkin and software entrepreneur Ori Allon in 2013, Compass grew across the U.S., using $5.4 billion in venture capital to recruit top agents and <a href=\"https:\/\/www.housingwire.com\/articles\/46647-burgeoning-real-estate-giant-compass-buying-pacific-union\/\" target=\"_blank\" rel=\"noreferrer noopener\">acquire established brokerages<\/a>, such as <strong>Pacific Union<\/strong> and <strong>Stribling &amp; Associates<\/strong>.<\/p>\n\n\n\n<p>The company\u2019s biggest VC financier, <strong>SVF Excalibur<\/strong>, a Canary Islands-based subsidiary of Tokyo-headquartered <strong>SoftBank<\/strong>, is earmarked for over 66 million shares of convertible preferred stock, which has a total purchase price of $450 million, per the SEC statement.<\/p>\n\n\n\n<p>SVF Excalibur is slated to hold 33.2% of all company stock after the IPO offering, according to the filing, while Allon \u2013 who is no longer in a leadership position at the company \u2013 is set to have 5%.<\/p>\n\n\n\n<p>The largest stockholder is Reffkin, whose \u201cclass A common stock\u201d represents 46% of the company\u2019s voting power and \u201cmay increase over time as Mr. Reffkin vests and settles in certain equity awards,\u201d according to the statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Compass is looking to go public at a valuation north of $10 billion. The firm appears to be targeting a valuation suited for a tech firm, not a resi brokerage.<\/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-2142","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 aims for $10B+ market valuation - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Compass is looking to go public at a valuation north of $10 billion. 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