Soho House is once again taking steps to go public.
The exclusive members-only club this week submitted a confidential filing for an initial public offering with the U.S. Securities and Exchange Commission, Sky News first reported. The IPO would value the company, headquartered in London, at more than $3 billion.
In February, the company hired JPMorgan Chase and Morgan Stanley to advise on its latest IPO attempt, according the Times of London.
The company has been toying with the idea of going public on the New York Stock Exchange since at least 2018, but has opted to raise money privately in the years since.
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Soho House was founded in 1995 by British hospitality executive Nick Jones, and its London clubs quickly hotspots thanks to their discreet service and celebrity clientele. Now, the company operates 27 members-only clubs in 10 countries, including three locations in New York City. The company also runs a series of co-working spaces, comparable to WeWork, dubbed Soho Works. Billionaire businessman Ron Burkle now owns a majority stake in the company.
But it suffered similar issued that plagued other hospitality firms during the pandemic: After being forced to close its locations due to Covid-19, Soho House furloughed the vast majority of its staff.
However, less than 10 percent of Soho House’s 110,000 members canceled their accounts during the pandemic. In part, that’s because the company has offered select perks to its members, despite its locations being inaccessible.
[Sky News, Times of London] — Sasha Jones