Soho House mulls $3bn New York listing amid IPO boom
Private members’ club Soho House is the latest company reportedly mulling a New York listing with a valuation of up to $3bn.
Soho House, which operates 27 clubs around the world, first considered a Wall Street listing in 2018. This time round the company has hired JP Morgan and Morgan Stanley and is looking to file with the US Securities and Exchange Commission next month, The Times reported.
Soho House, which is billed as an exclusive club for creative types, was valued at $2bn in a funding round last summer.
In December Nick Jones, who established the club in 1995, sold a one per cent stake to Ron Burkle, the US billionaire businessman who already owns around 60 per cent of the company. The $20m sale left Jones with a stake of less than 10 per cent.
The business could float for a higher valuation, according to The Times, marketing itself as a subscription business as well as a property and leisure operation.
But the last year has been testing and the group was forced to cut 1,000 jobs from its 8,000-strong workforce as well as ask landlords for rent holidays after lockdown restrictions forced the club to close its doors.
Soho House made use of the government’s furlough scheme and $22m in crisis loans backed by the US government.
Despite this Jones has insisted Soho House will bounce back from the pandemic. “If we were desperate for cash, we would let in our huge waiting lists,” he said in an interview with the Telegraph at the end of last year.
Soho House declined to comment.