SoftBank-Backed Real Estate Firm Compass Cuts IPO by Half
- Tech-touting brokerage lowers top target to $475 million
- Cut to planned Wednesday IPO follows rout of tech stocks
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Real estate brokerage Compass Inc. downsized its U.S. initial public offering by half hours before Wednesday’s planned share sale, signaling a potential decline in investor enthusiasm about technology transforming the business of buying and selling homes.
The New York-based company, led by former Goldman Sachs Group Inc. banker Robert Reffkin, said in a filing that it now plans to seek as much as $475 million by offering 25 million shares at $18 to $19 a share.