Business

Soho House Owner File for New York Levitation

The owner of Soho House, a private member club, has applied for an initial public offering because it wants to take advantage of investors’ growing interest in leisure stock.

Membership Collective Group, which owns 28 Soho Houses and retail brands worldwide, said Monday that it plans to list its shares on the New York Stock Exchange on the ticker “MCG.”

The company said in a filing with the Securities and Exchange Commission that it plans to raise $ 100 million, which is often used as a placeholder to calculate registration fees. The number of shares to be offered and the price range of those shares have not yet been determined.

MCG’s recovery in summer travel and food demand, supported by vaccination against Covid-19 Evaluation It’s bigger than the $ 2 billion marker set in last year’s $ 100 million funding round.

A hospitality group, backed by US billionaire Ron Burkle, said its membership has been stable throughout the pandemic. According to S-1 submissions, we retained 92% of Soho House members in fiscal year 2020 and received more than 30,000 member brand applications.

Revenues totaled $ 72 million in the first quarter of this year, down from $ 142 million in the year-ago quarter. It also reported a net loss of $ 93 million compared to a loss of $ 45 million in 2020.

Soho House Owner File for New York Levitation

Source link Soho House Owner File for New York Levitation

Back to top button