The 26-year-old club, filed under parent company Membership Collective Group (MCG), began as a meeting place for the creative elite. It has more than 119,000 members across cities such as Toronto, New York, Tel Aviv, and London.
Despite never turning a profit, the company plans to sell 30 million shares of its Class A common stock priced between $14 and $16 apiece on the New York Stock Exchange, stating that it has over 59,000 applicants on a waiting list with plans to expand across the Americas, Europe, Asia, and Africa.
The company reported a loss of $93 million in the first quarter of 2021 on total revenue of $72 million, the filing showed. The group listed the COVID-19 pandemic, Brexit, and food price inflation among the risk factors in the S-1 registration statement filed with the regulators last month.
J.P. Morgan, Morgan Stanley, BofA Securities, Goldman Sachs, and HSBC are leading the offering.