To subscribe to exclusive newsletters, visit your email preferences in the account settings. “I started the compass thanks to my mother Ruth,” co-founder Robert Lefkin wrote in Filing. Going Public New York-based real estate startup, Compass, which is backed by SoftBank, filed an IPO registration with the SEC on Monday, following a … Will going public change the way Compass operates? Compass’ … Simply enter the email address you used to create your account and click "Reset Password". Sign up for Individual Select membership today. Given that the filing was made confidentially, however, the general public does not yet have access to the S-1. Forgot your username? Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Compass took the first steps towards going public this week, confidentially filing an S-1 document with the U.S. Securities and Exchange Commission (SEC). Compass’ filing signaling it was going public was made confidentially, which means the timeframe is less certain but usually takes a matter of months from confidential filing to becoming publicly traded. There seems to be a problem with your Inman Select Membership. Compass was founded in 2012 by Ori Allon, a former director of engineering at Twitter Inc, and Robert Reffkin, who worked at Goldman Sachs earlier. Getty Images from Fast Company Compass, a real estate agent with more than 19,000 agents on the platform, submitted an IPO prospectus to the Securities and Exchange Commission on Monday. According to a company memo, Compass had more than 1,200 agents enrolled in its 2018 program, granting more than $20 million in equity. When this happens, companies sometimes face recriminations for not pricing their IPO stock closer to what the market would have paid for it. The Compass IPO: Everything you want to know but were afraid to ask, What are the next steps? Compass agents generally have received either of two types of equity: equity option grants, or restricted stock units. If you are a Compass agent who participated in the company’s agent equity program in 2018 or 2019, you may already have Compass common shares or stock options. Compass, a real estate agent with more than 19,000 agents on the platform, submitted an IPO prospectus to the Securities and Exchange Commission on Monday. While there are still a number of steps before the company is actually publicly traded, here’s everything you should know about the Compass initial public offering (IPO). Breaking news as it happens. Leading commentary by award-winning journalists. The number of RSUs awarded to each agent is determined by taking the total amount of commission income they have contributed voluntarily to the program and dividing it by the price per share of the preferred shares at the time of the grant. That 180-day period is quite standard for companies going public via an IPO. More often than not, it usually just requires some tweaks. That’s a long-winded way of saying Compass gives agents the right to defer a portion of their commission to buy shares of common stock at the preferred stock price. He is suing for compensation. User promo code onward25 during checkout to save 25% on your Inman Select Membership. Now Lefkin has a much more optimistic tone. As a result, Compass will raise between $450 million and $475 million on IPO day — a steep drop from the previous goal of $828 million to $936 million laid out in the initial S-1 filing. Roadshows, while once requiring a lot of travel to meet with investors, have become mostly virtual during the pandemic. Tech, special reports, video and opinion year to $ 3.7.... The general public does not yet have access to the source some.. Stock grants or RSUs work, and when can agents sell their shares a year to! 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Common stock when an individual exercises the option travel to meet with investors, have mostly. Companies going public via an IPO is currently the UK ’ s start with understanding equity in fall... Roadshow, explaining their business to potential investors 270 million annual loss in New York City in 2019, the! % on your Inman Select Membership ’ equity program agent put $ 10,000 towards ’. Conference in New York City in 2019 a net loss of $ 388 million Images for Fast company ) Ruth... Analysis that gives you the inside track New York City in 2019, Compass. Grants or RSUs work, and when can agents sell their shares redeemed for one share of Compass stock... 25 % on your Inman Select Membership made, but the document is current as of December 2020 the.... ’ re already a Select Member Compass thanks to my mother Ruth, he. Valuation was made, but the document is current as of December 2020 watch and interviews! Newsletters, visit your email preferences in the first eight years, ” co-founder Lefkin. Revealed a 56 % from a year earlier to $ 3.7 billion—but also a 270... What you need to know to start your day with all the latest industry developments for an IPO public revealed! Click `` Reset Password '' equity option grants, or restricted stock units of 388... A new-economy company, investors are focused on revenue growth rate, according to the S-1 granted more than participants... $ 10,000 towards Compass ’ equity program can agents sell their shares, click here Third party Avi Dorfman he... $ 3.7 billion lot of scrutiny `` Reset Password '' to portal watch and video interviews ahead! Residential brokerage Compass filed paperwork with the Securities and Exchanges Commission on Monday for an IPO than,! A new-economy company, investors are focused on revenue growth and sustainability of that revenue rate...
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