Comp Compass shares open at $21.25 in New York trading

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The real estate brokerage Compass Inc., backed by SoftBank Group Corp. s Vision Fund, rose in its trading debut after a reduced$ 450 million initial public offering at the bottom of a reduced range.

The shares of the company opened on Thursday at$ 21.25 after it sold 25 million for$ 18 each in the IPO. The shares were sold at 12.16 p.m. in New York trading, giving Compass a restricted value of approximately$ 10.3 billion including restricted stock units and options according to Bloomberg's calculation.

After two record quarters of market volatility for listings, the IPO market was directly hit by the market volatility, thanks largely to the boom in blank-check companies. Intermedia Cloud Communications Inc., which was set to launch on Thursday, delayed its listing citing unfavorable market conditions. The budget carrier Frontier Group Holdings Inc., also sold on Thursday, also priced at the low end of the market.

Compass halved the size of its IPO target Wednesday prior to its pricing, reducing the range to$ 18 to$ 19. It had earlier sold 36 million shares for$ 23 to$ 26, spearheaded by former Goldman Sachs Group Inc. banker Robert Reffkin, Compass also counts Discovery Capital Management among backers, filings showed.

The Compass offering was directed by Goldman Sachs, Morgan Stanley and Barclays Plc.

Its shares are traded on the New York Stock Exchange under the COMP symbol. For more articles like this, please visit at

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