Soho House owner unveils $3bn flotation plan
The company behind brands like Soho House and The Ned in London has signalled its intention to float in a deal that will give the business a reported multibillion-dollar valuation.
In what promises to be one of 2021’s most high-profile initial public offerings, Membership Collective Group intends to start trading soon on Wall Street.
Soho House owner eyes market debut
Membership Collective Group has filed a registration statement with the US Securities and Exchange Commission relating to a proposed initial public offering (IPO) on the New York Stock Exchange. The fast-growing membership platform already has a global portfolio of 28 Soho Houses, nine Soho Works, The Ned, Scorpios Beach Club, Soho Home and multiple digital channels, but securing access to the markets is expected to help it raise the funds needed to realise ambitious expansion plans.
The number of shares and price range for the offering haven’t yet been finalised. However, various media reports have suggested that the IPO would value the group at approximately US$3 billion, with current members being given an opportunity to invest.
JP Morgan and Morgan Stanley will serve as joint lead book runners, while Goldman Sachs BofA Securities and HSBC will be joint book runners. Citibank will serve as a co-manager.
The origins of Soho House
Soho House can trace its roots back to 1995 when founder Nick Jones decided to turn a space above his London restaurant into a private members’ club for local artists and actors. Its distinctive name, reflecting the fact that the original club was located in a Georgian house in London’s hip Soho neighbourhood, now adorns a host of spaces around the world where members can work, socialise or sleep.
Besides Soho House, Membership Collective Group is also behind Soho Works, a workspace brand; The Ned, a luxury hotel and members’ club in London; Scorpios Beach Club, a bohemian beach club in Mykonos; Soho Home, an interiors and lifestyle retail brand; and a variety of digital channels.
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