SoftBank-backed Compass rose in its Wall Street debut, shaking off earlier signs of investor caution about the brokerage’s ambitions to disrupt real estate sales after raising less than expected from its initial public offering.
Shares for the New York-based company closed their first trading day at $20.15 on Thursday, up 12 per cent from the $18 mark at which the brokerage priced shares the previous evening. Compass raised $450m in its IPO, only about half of what it had anticipated.
On Wednesday, the company had reduced the number of shares it planned to sell by almost a third and slashed the top of its price range by more than a quarter.
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