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Luxury social club operator Membership Collective sets terms for $450 million IPO

July 6, 2021

Membership Collective Group, which operates members-only luxury hotels and clubs under the Soho House brand, announced terms for its IPO on Tuesday.

The London, United Kingdom-based company plans to raise $450 million by offering 30 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Membership Collective Group would command a fully diluted market value of $3.1 billion.

Membership Collective Group offers memberships to a global collection of restaurants and social clubs. The company's core spaces are known as Soho Houses, which are designed to be creative, collaborative spaces for writers, artists, performers, founders, directors, designers, and producers. The membership of each Soho House is selected by a committee of influential creatives and innovators that represent the local area. Membership Collective Group also offers other spaces such as the work-oriented Soho Works, The Ned in London, and Scorpios Beach Club in Mykonos.

Membership Collective Group was founded in 1995 and booked $315 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol MCG. J.P. Morgan, Morgan Stanley, Goldman Sachs, BofA Securities, and HSBC are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.