Inman Connect
Editor’s Note: A previous version of this story listed the final closing price as $19.75. However, a delayed quote released by the NYSE shows the closing price as $20.15.
Compass’ first day on the market is finished. After setting their initial price per share at $18, the tech-enabled brokerage (NYSE: COMP) experienced a small first-day pop that saw the stock touch $22.11 before landing at $20.15 per share — a 11.9 percent jump from the public offering price — when the New York Stock Exchange closed for the day at 4 pm EST.
The boost in price per share now puts Compass’ estimated market value at $7.3 billion, placing them in the league with the market caps of tech-enabled brokerages like Redfin ($6.83b as of market close) and eXp ($6.27b). Meanwhile, although business models differ, Zillow and Realogy sit at two extremes of that field, with Zillow’s market cap standing at $32.2 billion and Realogy’s market cap at $1.82 billion.