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The owner of the private membership club Soho House has applied for an initial public offering as the company seeks to capitalize on investors’ growing interest in leisure stocks.
The Membership Collective Group owns 28 Soho Houses and other properties worldwide and a retail brand. It said on Monday that it plans to list on the New York Stock Exchange under the ticker symbol “MCG.”
The company stated in a document filed with the US 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 not yet determined the number of shares that will be offered or the price range of those shares.
Driven by the vaccination against Covid-19, the demand for travel and catering has rebounded into the summer, which has led to speculation that MCG will target Appraisal This is higher than the US$2 billion mark set in the US$100 million financing last year.
The hotel group, backed by American billionaire Ron Burkle (Ron Burkle), said its membership has remained stable during the pandemic. According to the S-1 document, it retained 92% of Soho House members in fiscal year 2020 and received more than 30,000 membership brand applications.
Total revenue in the first quarter of this year was US$72 million, which was lower than the US$142 million in the same period last year. It also reported a net loss of US$93 million, compared with a loss of US$45 million in 2020.
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