US: Private members’ club chain Soho House is reportedly planning a flotation on the New York stock exchange with an estimated $3 billion (£2.12bn) valuation.
Soho House, which first opened in London in 1995 and now operates 27 clubs globally, first considered a Wall Street listing in 2018.
According to reports, the company has hired JP Morgan and Morgan Stanley to advise on the IPO.
Last summer, Soho House secured $100m in equity financing and was valued at $2 billion. It’s possible the business could float for a higher valuation due to it trading as a leisure property as well as operating on a subscription.
The company has around 110,000 members in total, of which it lost around 10,000 as a result of the pandemic and having to close sites. Further openings are planed in Paris, Rome and Tel Aviv.
Last Year, founder Nick Jones sold a one per cent stake to US billionaire Ron Burkle, who already owns 60 per cent of the company. The $20 million sale meant that Jones cut his share in Soho House to below 10 per cent.
