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By Ishika Dangayach, 3:08 PM ET
The business behind the popular Soho House members clubs, Membership Collective Group, has registered for an initial public offering on the New York Stock Exchange.
According to a statement issued Monday, the company, which operates 28 Soho House clubs throughout the world, intends to float its Class A common stock under the ticker MCG.
The number of shares to be offered, as well as the price range, have yet to be established for the planned offering.
“Soho House has begun the process for an initial public offering on the New York Stock Exchange, with plans to list a company that will be known as the Membership Collective Group Inc., or MCG for short,” founder Nick Jones said in an email to members seen by Reuters.
“This move will enable us to accelerate our investment in improving both the physical and digital elements of your membership,” he said.
According to a separate filing, the organization, which was founded in 1995 in London's Soho district currently has around 119,000 members. New projects like the Ned, a huge hotel and restaurant complex in the heart of the City of London, have extended the firm's appeal to traditionally excluded groups such as financial professionals.
The offering's lead joint book-running managers are JPMorgan Chase & Co., Morgan Stanley. Goldman Sachs Group Inc., Bank of America Corp., and HSBC Holdings Plc are Book runners while Citigroup Inc. serves as a co-manager.
Soho House raised $100 million in 2019 in exchange for a 5% share, implying a $2 billion valuation.
Pandemic lockdowns have taken a heavy toll on the company, with revenues falling to $384 million in 2020 from $642 million the previous year. The firm has never made a profit and lost $93 million in the first quarter of 2021 and $235 million in fiscal 2020.