Shares in Soho House open 6% below their New York share price

Shares in Soho House open 6% below their share price on debut on the New York Stock Exchange

Shares in Soho House’s parent company opened 6 percent below their share price on their debut on the New York Stock Exchange.

The Membership Collective Group (MCG) has priced its first public offering at $14 per share, at the lower end of the $14 to $16 range offered to investors, and values ​​it at $2.8 billion (£2 billion ). The shares closed at $12.66 (£9.16) last night.

The company raised $420 million (£304 million) in its IPO.

Expanding: Soho House founder and chief executive Nick Jones, (pictured with singer Paloma Faith), will open clubs in Paris, Rome, Tel Aviv and Brighton this year

The group, which shelved an earlier plan to go public in 2018, plans to pay off debt and continue expanding its current 30 homes.

MCG’s brands also include the Ned, a grand hotel and private members’ club in the city, and the beach club Scorpios.

Founder and chief executive Nick Jones is opening clubs in Paris, Rome, Tel Aviv and Brighton this year and is looking to Manchester and Glasgow.

Expansion in North America includes a Ned in New York.

Jones believes the group is well positioned as lockdowns ease, with fewer than one in ten members canceling their subscription.

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