Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Soho House plans New York IPO

06/21/2021 | 11:33am EDT
Royal Wedding

LONDON (Reuters) -The Soho House private members club plans an initial public offering in New York under the name of Membership Collective Group Inc even though it has never been profitable.

"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.

The filing with the U.S. Securities and Exchange Commission used a placeholder figure of $100 million for the offering. It gave no other indication of the size of the offering or how much it would be valued at.

In 2019, Soho House raised $100 million in return for a 5% stake - suggesting a valuation of $2 billion.

J.P.Morgan, Morgan Stanley, Goldman Sachs, Bank of America and HSBC are joint book runners for the offering. Citibank and William Blair will serve as a co-managers.

MCG began operating as Soho House in 1995 and now has members across physical and digital spaces, including Soho Houses, The Ned in London and Scorpios Beach Club in Mykonos. As of April 4, the group had over 119,000 members.

Among risk factors in the S-1 registration statement filed with the SEC, the group listed COVID-19, Brexit, food price rises and the fact that it had incurred net losses in each year since its inception.

"We have incurred net losses in each year since our inception, and we may not be able to achieve profitability," it said.

(Reporting by Guy Faulconbridge; Editing by Kate Holton and Jonathan Oatis)

By Guy Faulconbridge

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -0.68% 37.7 Delayed Quote.24.38%
EURO / BRITISH POUND (EUR/GBP) -0.10% 0.8547 Delayed Quote.-4.17%
HSBC HOLDINGS PLC 0.02% 401.45 Delayed Quote.6.01%
MORGAN STANLEY -1.07% 94.55 Delayed Quote.37.97%
THE GOLDMAN SACHS GROUP, INC. 0.36% 374.05 Delayed Quote.41.84%
Latest news "Economy & Forex"
08:39aArmani bounces back from pandemic as sales rise 34% in first half
08:39aWall Street set to fall off record highs as Chinese stocks sink
08:38aPhilips shares hit 10-month low on respiratory device concerns
08:38aOil prices steady as market undersupplied but virus clouds demand
08:34aGold gains on weaker dollar, stocks ahead of Fed meeting
08:31aMICHAEL O'LEARY : Ryanair raises passenger forecast as O'Leary targets rapid growth
08:31aRyanair raises passenger forecast as O'Leary targets rapid growth
08:26aInter Pipeline walks away from Pembina deal in favor of Brookfield bid
08:14aAon, Willis Towers Watson to call off $30 billion merger
08:13aAon, Willis Towers Watson to call off $30 bln merger
Latest news "Economy & Forex"