Soho House owner files New York IPO application


The owner of Soho House, the private members’ club, has filed for an initial public offering as the company seeks to capitalize on growing investor interest in leisure stocks.

Membership Collective Group, which owns 28 Soho Houses worldwide, among other properties and a retail brand, said Monday that it plans to list its shares on the New York Stock Exchange under the symbol “MCG”.

The company said in a file with the Securities and Exchange Commission that it intends to raise $ 100 million, a figure that is often used as a placeholder for calculating registration fees. It has yet to determine the number of shares it will offer or a price range for those shares.

A rebound in demand for travel and restaurants as summer approaches, bolstered by vaccinations against Covid-19, has fueled speculation that MCG will target a Evaluation above the threshold of $ 2 billion set in a fundraising round of $ 100 million last year.

The hotel group, backed by US billionaire Ron Burkle, said its membership numbers remained stable during the pandemic. He retained 92% of Soho House’s membership in fiscal 2020 and received more than 30,000 applications for his membership marks, according to File S-1.

Revenue for the first quarter of this year totaled $ 72 million, up from $ 142 million in the same period a year earlier. He also reported a net loss of $ 93 million, up from a loss of $ 45 million in 2020.



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