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The owner of Soho House, the private partner club, has submitted an initial public offering as the company wants to take advantage of investors ’growing interest in leisure activities.
Membership Collective Group, which owns 28 Soho homes around the world, among other properties and a retail brand, said Monday it plans to list its shares on the New York Stock Exchange under the “MCG” marker.
The company said in a presentation to the Securities and Exchange Commission that it intends to raise $ 100 million, a figure that is often used as a site owner to calculate registration fees. It has not yet determined the number of shares it will offer or a price range for those shares.
A rise in demand for travel and food in the summer, reinforced by vaccines against Covid-19, has led to speculation that MCG will target a evaluation above the $ 2 billion mark set in a $ 100 million round of funding last year.
The hospitality group, backed by American billionaire Ron Burkle, said its members remained stable during the pandemic. It retained 92% of Soho House members during fiscal 2020 and received more than 30,000 applications for its membership marks, according to the S-1 application.
Revenue for the first quarter of this year was $ 72 million, up from $ 142 million in the same period last year. It also reported a net loss of $ 93 million, compared to a loss of $ 45 million in 2020.
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