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Home IPOs

Soho House plans NYSE IPO

MtR by MtR
June 24, 2021
in IPOs
0




Soho House plans NYSE IPO






Global Legal Group




Soho House plans to go public in an initial public offering (IPO) on the New York Stock Exchange via memb…

Soho House plans to go public in an initial public offering (IPO) on the New York Stock Exchange via memberships platform Membership Collective Group.

Membership Collective Group (MCG) consists of private members clubs and restaurant Soho House, member-only workspaces Soho Works, Central London hotel The Ned, Scorpios Beach Club in Mykonos, and Soho House’s interior furniture collection, Soho Home.

MCG filed a registration statement with the United States Securities and Exchange Commission for its proposed IPO of Class A common stock on 21 June.

In its registration statement, which is yet to become effective, MCG proposed a maximum aggregate offering price of USD 100 million.

The co-manager on the IPO is Citigroup, with JP Morgan and Morgan Stanley acting as joint lead bookrunners. Goldman Sachs & Co, Bank of America Securities and HSBC will acts as joint bookrunners.

Soho House was founded by entrepreneur Nick Jones who is also the owner of Somerset members club and hotel Babington House. The first Soho House was launched in 1995, and since then it has grown into a private membership group with members from around the world.

In a letter from Jones included in MCG’s registration statement, he stated: “Much of the success of Soho House has been down to our ability to respond and adapt to shifting lifestyle trends as well as to the needs of our progressive and forward-thinking membership base. Over the years, the growth of our membership has reassured me that as we have expanded, we have also continued to add value to the member experience.”

Jones added: “We will continue to open physical Houses – expanding our footprint across Europe, the Americas, Asia and Africa – and launch new types of membership that can be scaled globally.”

He also emphasised the group’s “new digital-only option” and the Soho House app, which will “be like having a House in your pocket”. He said that “with this digital infrastructure in place, and a membership that thrives within a virtual space, there is scope for highly scalable connection, all over the world”.

On the IPO, Jones said: “As we ready ourselves to take the step of becoming a public company, our commitment to putting members at the heart of everything we do remains steadfast. This move will enable us to accelerate our investment in improving our member’s physical and digital experiences.”

Currently, MCG has 28 Soho Houses and 9 Soho Works locations, as well as its digital platforms, various hotels and Soho Home.

Ashurst and CMS Legal acted on the disposal of 7 Soho Square to a European sustainability fund belonging to United States real estate investor Hines in September last year.

Gowling WLG acted for the administrators on the sale of Central London hotel YOTEL London Clerkenwell to Legal & General (L&G) Investment Management Real Assets in April this year. Eversheds Sutherland acted for L&G.



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