Compass’ $450 Million Initial Public Offering

Fenwick & West LLP advised Compass, while Latham & Watkins LLP represented the underwriters on the deal.

Compass, a leading national real estate technology company, announced its $450 million initial public offering, one of the largest real estate technology IPOs ever. The shares began trading on the New York Stock Exchange on April 1 under the ticker symbol COMP.

Compass offered 25,000,000 shares of its Class A common stock at a price to the public of $18.00 per share. In addition, Compass granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Class A common stock at the initial public offering price.

Goldman Sachs & Co. LLC, Morgan Stanley and Barclays acted as the lead bookrunning managers for the offering. Deutsche Bank Securities and UBS Investment Bank acted as bookrunning managers. Oppenheimer & Co., Needham & Company, Zelman Partners LLC, Loop Capital Markets, Academy Securities, Blaylock Van, LLC, Ramirez & Co., Inc. and Siebert Williams Shank acted as co-managers.

The Fenwick transaction team included corporate partners Michael Esquivel (Picture), James Evans, Ran Ben-Tzur, Morgan Sawchuk and associates Michael Shaw, Feihong Xu, Janiece Jenkins, Steven Jean, Meredith Evancie, Samuel Fleuter, Joshua Fuller, Mitchell Duncombe, Karin Hjorth, Alexej Ladonnikov and Atrina Mehdipour; executive compensation & employee benefits partners Shawn Lampron and Marshall Mort and associates Corinne Nhaissi, Jonathan Stephenson and Cynthia Yuan; and tax partner William Skinner.

Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by New York partners Ian Schuman, Greg Rodgers, and Benjamin Cohen, with New York/Los Angeles associate Brittany Ruiz and New York associates Sandy Kugbei and Nicolas Gonzalez. Advice was also provided on tax matters by Chicago partner Rene de Vera, with Chicago associate Michael Zucker; on real estate matters by New York partner Michelle Kelban, with New York associates Elizabeth Vinci and Sam Steinman; on benefits and compensation matters by New York partner Jennifer Pepin, with New York associate Yoo Jeong Han; on data privacy and security matters by Washington, D.C. partner Jennifer Archie, with Washington, D.C. associate Jimmy Smith; and on intellectual property matters by New York partner Jeffrey Tochner, with New York associate Meredith Ward.

Involved fees earner: Ran Ben-Tzur – Fenwick & West LLP; Mitchell Duncombe – Fenwick & West LLP; Michael Esquivel – Fenwick & West LLP; Meredith Evancie – Fenwick & West LLP; James Evans – Fenwick & West LLP; Samuel Fleuter – Fenwick & West LLP; Joshua Fuller – Fenwick & West LLP; Karin Hjorth – Fenwick & West LLP; Steven Jean – Fenwick & West LLP; Janiece Jenkins – Fenwick & West LLP; Alexej Ladonnikov – Fenwick & West LLP; Shawn Lampron – Fenwick & West LLP; Atrina Mehdipour – Fenwick & West LLP; Marshall Mort – Fenwick & West LLP; Corinne Nhaissi – Fenwick & West LLP; Morgan Sawchuk – Fenwick & West LLP; Michael Shaw – Fenwick & West LLP; William Skinner – Fenwick & West LLP; Jonathan Stephenson – Fenwick & West LLP; Feihong Xu – Fenwick & West LLP; Cynthia Yuan – Fenwick & West LLP; Jennifer Archie – Latham & Watkins; Benjamin Cohen – Latham & Watkins; Enrique Rene de Vera – Latham & Watkins; Nicolas Gonzalez – Latham & Watkins; Michelle Kelban – Latham & Watkins; Sandy Kugbei – Latham & Watkins; Jennifer Pepin – Latham & Watkins; Gregory Rodgers – Latham & Watkins; Brittany Ruiz – Latham & Watkins; Ian Schuman – Latham & Watkins; James Smith – Latham & Watkins; Samuel Steinman – Latham & Watkins; Jeffrey Tochner – Latham & Watkins; Meredith Ward – Latham & Watkins; Michael Zucker – Latham & Watkins; Elizabeth Vinci – Shearman & Sterling;

Law Firms: Fenwick & West LLP; Latham & Watkins; Shearman & Sterling;

Clients: Academy Securities; Barclays Capital ; Blaylock Van, LLC; COMPASS; Deutsche Bank Securities; Goldman Sachs & Co.; Loop Capital Markets; Morgan Stanley; Needham & Company; Oppenheimer & Co; Ramirez & Co.; Siebert Williams Shank & Co. LLC; UBS Investment Bank; Zelman Partners;

Author: Martina Bellini