{"id":132348,"date":"2021-07-15T17:04:03","date_gmt":"2021-07-15T17:04:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132348"},"modified":"2021-07-15T17:04:03","modified_gmt":"2021-07-15T17:04:03","slug":"from-soho-to-wall-street-membership-collective-shares-fall-in-debut","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/from-soho-to-wall-street-membership-collective-shares-fall-in-debut\/","title":{"rendered":"From Soho to Wall Street: Membership Collective shares fall in debut"},"content":{"rendered":"
FILE PHOTO: Soho House is seen on Greek street, London, Britain, July 13, 2021. REUTERS\/Peter Nicholls<\/figcaption>

(Reuters) – Shares of Soho House private members club fell 6% in their New York Stock Exchange debut on Thursday, giving the company formally known as Membership Collective Group a market valuation of about $2.6 billion.<\/p>\n

The company, which has never turned a profit, sold 30 million shares in its initial public offering at the bottom of its $14 to $16 target price range.<\/p>\n

Founder Nick Jones opened the maiden Soho House on the first floor of a building in London\u2019s Greek Street in 1995 as a space for the local artists and actors that frequented his downstairs restaurant, Cafe Boheme.<\/p>\n

The club in 2003 started its first U.S. house in New York\u2019s Meatpacking District and entered Europe seven years later with a space in Berlin. The house in Germany was originally a department store whose Jewish owners were forced out by the Nazis in 1933, and the Soviet Communist Party later took over the building.<\/p>\n

It now has more than 119,000 members across 27 Houses in 10 countries, with more openings in Europe, Asia, and North America on the horizon. It also operates The Ned, a club for professionals, and the Scorpios Beach Club in Mykonos.<\/p>\n

Soho House\u2019s listing comes at a time when unprecedented government stimulus has created record appetite for IPOs, prompting scores of start-ups to go public.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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