Shares in Soho House open 6% below their float price in its debut on the New York Stock Exchange
Shares in Soho House’s parent company opened 6pc below their float price in their debut on the New York Stock Exchange.
The Membership Collective Group (MCG) priced its Initial Public Offering at $14 a share, at the bottom of the $14 to $16 range pitched to investors, valuing it at $2.8billion (£2billion). The shares closed at $12.66 (£9.16) last night.
The firm raised $420million (£304million) from the initial public offering.
Expanding: Soho House founder and chief exec Nick Jones, (pictured with singer Paloma Faith), is opening clubs in Paris, Rome, Tel Aviv and Brighton this year
The group, which shelved a previous plan to float in 2018, intends to pay debts and continue its expansion from its current 30 houses.
MCG’s brands also include the Ned, a grand hotel and private members club in the City, and the Scorpios beach club.
Nick Jones, founder and chief executive, is opening clubs in Paris, Rome, Tel Aviv and Brighton this year and is eyeing Manchester and Glasgow.
Expansion in North America will include a Ned in New York.
Jones believes the group is well positioned as lockdowns ease given that fewer than one in ten members cancelled their subscriptions.