Membership Collective Group Inc., the parent company of private members club Soho House, recently announced that it will file an initial public offering in the near future. “This move will enable us to accelerate our investment in improving both the physical and digital elements of your membership,” founder Nick Jones wrote in an email to members that was obtained by Reuters.

As of writing, the company put a placeholder goal of raising $100 million for the IPO. The number of shares and their corresponding pricing has not yet been determined.

Though Soho House, which is geared towards those working in media and creative industries, has technically never been profitable since its first club opened in London in 1995, it was valued at $2 billion in 2019, after raising $100 million from investors in return for a 5 percent stake. That same year, the company indicated plans to double its portfolio.

The brand, which currently operates 28 luxury clubs across the globe, had to furlough much of its staff during the pandemic, yet only lost roughly 10 percent of its members, Forbes reports. In April, the group reported it had more than 119,000 members.

Book runners for the IPO will be J.P. Morgan, Morgan Stanley, Goldman Sachs, Bank of America, and HSBC, while Citibank and William Blair will act as co-managers.

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