Compass’ hunt for a securities attorney reignites talk of IPO

The brokerage is looking to hire a lawyer with expertise in SEC and stock exchange reporting compliance

National /
Jun.June 17, 2020 11:05 AM
Compass CEO Robert Reffkin (Getty, iStock)

Compass CEO Robert Reffkin (Getty, iStock)

Compass is beefing up its in-house legal team and seeking expertise a public company would require.

A new job posting reveals that the brokerage is seeking a securities lawyer who specializes in meeting U.S. Securities and Exchange Commission and stock exchange reporting and compliance requirements, Inman reported.

The potential new hire revives the looming question of if and when Compass will go public. The brokerage’s last fundraising round was in July 2019, when it raised $370 million in a Series G. At the time, CEO Robert Reffkin told CNBC’s Andrew Ross Sorkin that “we’re likely going to have an IPO.”

But last October, Reffkin said Compass’ initial public offering was at least 18 months away.

However, the market has shifted considerably for Compass and its competitors since the pandemic set in. Compass has laid off about 15 percent of its staff, and cut pay and hours for other employees. Though many residential brokerages have taken similar measures, Compass’ recruitment of agents has continued, according to the company.

Reffkin told Inman earlier in June that the brokerage’s revenue is up in 2020 by 47 percent compared to the same period in 2019.

Lemonade, another SoftBank-backed startup, filed to go public this month. [Inman] — Erin Hudson


Related Articles

arrow_forward_ios
Howard Hanna CEO Helen Hanna Casey and Compass CEO Robert Reffkin (Howard Hanna Casey, Getty)
Howard Hanna accuses Compass of poaching agents, stealing trade secrets
Howard Hanna accuses Compass of poaching agents, stealing trade secrets
Softbank CEO Masayoshi Son and Compass CEO Robert Reffkin (Getty, Compass)
SoftBank buys $72M of Compass stock
SoftBank buys $72M of Compass stock
Compass CEO Robert Reffkin and agent Ronita Kalra (Photos via Twitter, iStock)
For Compass agents who invested, IPO is watershed moment
For Compass agents who invested, IPO is watershed moment
Clockwise from left: Ori Allon, Robert Citrone, Robert Reffkin and Masayoshi Son (Getty/Illustration by Kevin Rebong for The Real Deal)
Here’s who made bank in Compass’ IPO
Here’s who made bank in Compass’ IPO
(Compass/Instagram)
Compass makes public market debut at $7B valuation
Compass makes public market debut at $7B valuation
Robert Reffkin and Ori Allon (Getty, iStock)
What you need to know about Compass’ IPO this week
What you need to know about Compass’ IPO this week
Redfin CEO Glenn Kelman, Compass CEO Robert Reffkin and eXp CEO Jason Gesing. (Getty, Redfin, eXp)
Compass, eXp rise in Real Trends’ annual brokerage rankings
Compass, eXp rise in Real Trends’ annual brokerage rankings
Compass CEO Robert Reffkin (Getty, iStock)
Compass seeks $10B tech valuation
Compass seeks $10B tech valuation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...