(Bloomberg)—Real estate brokerage Compass Inc. downsized its U.S. initial public offering by half.
The New York-based company, led by former Goldman Sachs Group Inc. banker Robert Reffkin, said in a Wednesday filing that it now plans to seek up to $475 million by offering 25 million shares at $18 to $19 a share.
It had targeted to raise as much as $936 million, marketing 36 million shares at $23 to $26 each.
The cut came after an equities rout in the past week that had impacted mostly technology companies and was intensified as hedge fund Archegos Capital Management was forced into liquidation due to a margin call. Stocks rebounded Wednesday.
Compass’s software helps real estate agents with marketing and customer-relationship management.
The company counts SoftBank Vision Fund and Discovery Capital Management among investors, filings showed.
Compass plans to list on the New York Stock Exchange under the symbol COMP. Goldman Sachs Group Inc., Morgan Stanley and Barclays Plc are advising on the listing.
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