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US real estate brokerage backed by Japan’s SoftBank rises in public debut

美房地產(chǎn)經(jīng)紀公司Compass上市首日上漲

軟銀投資的Compass上市首日上漲，打消了其IPO籌資規(guī)模低于預期引發(fā)的不安。

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.

軟銀(SoftBank)投資的Compass在華爾街上市首日上漲，擺脫了早前投資者對其顛覆房地產(chǎn)銷售的雄心持謹慎態(tài)度的跡象。此前該公司首次公開發(fā)行(IPO)的募資規(guī)模低于預期。

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.

周四，這家總部位于紐約的公司的股票在其首個交易日收于每股20.15美元，較前一晚18美元的發(fā)行價上漲12%。Compass在IPO中募資4.5億美元，僅為預期的一半左右。

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.

周三，該公司將計劃發(fā)售的股票數(shù)量減少了近三分之一，并將發(fā)行價的區(qū)間上限削減了逾四分之一。

The shares’ closing price on their first trading day gave Compass a market capitalisation of $7.8bn, an increase from its last private valuation of $6.5bn two years ago.

上市首日的收盤價令Compass市值達到78億美元，高于其兩年前65億美元的私募估值。

“I feel great about the outcome,” said Robert Reffkin, chief executive of Compass. “The goal was not to have a certain price or a certain valuation, it was to have a capital raise that would bring dollars into the company.”

“我對結果非常滿意。”Compass首席執(zhí)行官羅伯特?雷夫金(Robert Reffkin)說，“我們的目標原本就不是達到某個股價或估值，而是通過募資為公司帶來資金?！?/p>

Compass tries to differentiate itself from other real estate brokers through a digital marketing and analytics platform for its agents, which has helped catapult the company’s valuation into a range typically reserved for large tech start-ups. The company had more than 19,000 agents on its platform at the end of last year and claims 4 per cent of the US homebuying market.

Compass試圖通過為其經(jīng)紀人提供數(shù)字營銷和分析平臺，使自己有別于其他房地產(chǎn)經(jīng)紀公司，這幫助該公司的估值躍升至通常只有大型科技初創(chuàng)企業(yè)才能到達的范圍。截至去年年底，該公司的平臺上有逾1.9萬名經(jīng)紀人，該公司的業(yè)務占到美國住宅房地產(chǎn)市場的4%。

Unlike other real estate tech companies, such as Opendoor, which charges a service fee for buying and flipping homes, Compass has a more traditional business model, taking a cut of the commission when an agent sells a house.

與對購買和翻修房屋收取服務費的Opendoor等其他房地產(chǎn)科技公司不同，Compass的商業(yè)模式更為傳統(tǒng)——在經(jīng)紀人售出房屋時收取傭金。

Compass’s revenues increased 56 per cent to $3.7bn last year, while its net losses narrowed to $270m, from $388m in 2019.

去年，Compass的營收增長56%，至37億美元；凈虧損從2019年的3.88億美元降至2.7億美元。

The company’s public debut comes amid a boom in the US housing market as Americans trade in city apartments for suburban homes as a result of the pandemic. Average home prices rose at their fastest rate since 2006 in January, according to S&P Corelogic Case-Shiller indices, a measure of US home prices.

該公司上市之際，美國房地產(chǎn)市場一片繁榮，受疫情影響，美國人紛紛將城市公寓置換成郊區(qū)住宅。衡量美國房價的標準普爾Corelogic Case-Shiller指數(shù)(S&P Corelogic Case-Shiller indices)顯示，今年1月，美國平均房價出現(xiàn)了2006年以來的最快上漲。

Flush with $1.5bn in venture capital funds raised before its IPO, Compass has been able to build out its agent base rapidly, in part by acquiring several independent brokerages.

Compass在IPO前獲得了15億美元的風投資金，因此得以通過收購獨立房地產(chǎn)經(jīng)紀公司等方式，迅速建立自己的經(jīng)紀人團隊。

Other brokers have accused the company of using its cash to poach agents with extravagant compensation packages. Some who joined Compass later complained that these early compensation packages created a misleading appearance about what they would earn.

其他房地產(chǎn)經(jīng)紀公司指責Compass利用其財力，高薪挖走經(jīng)紀人。一些加入了Compass的經(jīng)紀人后來抱怨說，早期的高薪令他們對自己的未來收入產(chǎn)生了誤解。

Compass said in a prospectus that its retention rate among “principal agents” — team leaders or independent agents who together made up about half of its total contractor base — exceeded 90 per cent in the past three years. But analysts have warned that competitors with better deals could lure them away.

Compass在一份招股說明書中表示，過去3年，該公司“主要經(jīng)紀人”（占其經(jīng)紀人總數(shù)約一半的團隊領導或獨立經(jīng)紀人）的留任率逾90%。但分析師警告稱，開出更好待遇的競爭對手可能會把他們吸引走。

“Real estate agents, they’re independent contractors, they’re entrepreneurs,” said Mike DelPrete, an independent real estate tech adviser. “The moment Compass becomes less lucrative to agents, there’s a big retention problem.”

“房地產(chǎn)經(jīng)紀人是獨立承包商，是企業(yè)家?！豹毩⒎康禺a(chǎn)技術顧問邁克?德爾普雷特(Mike DelPrete)說，“一旦經(jīng)紀人在Compass賺不到那么多錢，就很難留下?！?/p>

Reffkin will retain almost half of the company’s voting power after the offering through his ownership of class C shares, which carry 20 votes each. As Reffkin’s compensation package vests over time, he is set to gain majority control of the company.

雷夫金持有的C類股票每股有20份投票權，因此，IPO后他將保留近一半的投票權。隨著雷夫金的薪酬待遇逐步落實，他將獲得該公司的多數(shù)股權。

SoftBank’s Vision Fund owned 36.7 per cent of the company’s class A shares, giving it a $2.3bn stake at the offering price.

軟銀的愿景基金(Vision Fund)持有Compass 36.7%的A類股票，按發(fā)行價計算價值23億美元。

Goldman Sachs, Morgan Stanley and Barclays led the Compass public offering.

高盛(Goldman Sachs)、摩根士丹利(Morgan Stanley)和巴克萊(Barclays)是Compass此次售股的主承銷商。