(Reuters) – Real estate brokerage firm Compass Inc, backed by SoftBank Group Corp, on Monday made its filing for an initial public offering public and revealed a 56% surge in revenue as the residential market holds up during the pandemic.
The COVID-19 pandemic has fueled a shift to digitization of the real estate market as more people, encouraged by low interest rates, prefer to buy and sell homes online.
The New York-based startup said its revenue rose to $3.72 billion for the year ended Dec. 31 from $2.39 billion a year earlier.
Its net loss narrowed to $270.2 million from $388 million a year ago.
Compass confidentially filed to go public in January this year.
Goldman Sachs, Morgan Stanley and Barclays are the underwriters for the offering.
(Reporting by Niket Nishant in Bengaluru; Editing by Amy Caren Daniel)
