SoftBank-backed Compass files for IPO

Major player: SoftBank logo is seen inside the Tokyo Portcity Takeshiba building, which houses the group’s headquarters, in Tokyo. SoftBank-backed Compass was involved in US residential real estate transactions totalling US$152bil last year. — Bloomberg

NEW YORK: Compass Inc, a SoftBank-backed company that’s among the largest real estate brokerages in the US, has filed for an initial public offering (IPO), disclosing growing revenue and shrinking losses.

The New York-based startup in its filing listed the size of the offering as US$500mil, a placeholder that will change. Compass will disclose further details of the offering, including the size and target price range, in a later filing.