Soho House hits $2.8bn valuation after New York IPO
The parent company of the Soho House member’s club raised $420m (£304m) in an initial public offering priced at the lower end of a marketed range.
Membership Collective Group, which owns 28 clubs around the world, announced in a statment this morning that it had sold 30m shares for $14 each – the bottom margin of the previously marketed range of $14 to $16.
The group – whose main franchise Soho House is billed as an exclusive club for “creatives” – is now valued at $2.8bn following the listing, according to Bloomberg calculations based on its filings with the U.S. Securities and Exchange Commission.
It marks a significant market value increase for Soho House, which was valued at $2bn in a funding round last summer.
In an email to Soho House members last month, founder Nick Jones announced the firm’s plans for a New York IPO and said: “This move will enable us to accelerate our investment in improving both the physical and digital elements of your membership.”