- The offering would value Topgolf at $4 billion, Bloomberg reported. The partner banks include Morgan Stanley , JPMorgan Chase , and Bank of America .
- Callaway Golf, an early investor in Topgolf, saw its shares close 3.3% higher Monday following the news.
- Visit the Business Insider homepage for more stories .
Topgolf International has selected its partner banks for an initial public offering that could arrive as early as this year, Bloomberg reported Monday.
Topgolf Vegas
ADVERTISEMENT
Topgolf International has picked its partner banks for an initial public offering that could arrive as soon as this year, Bloomberg reported, citing people familiar with the matter.
The IPO would value Topgolf at about $4 billion. The partner banks for the deal include Morgan Stanley , JPMorgan Chase , and Bank of America , sources told Bloomberg.
Topgolf has $525 million in outstanding debt, Bloomberg reported. The companyhas not yet responded to a request for comment.
ADVERTISEMENT
Topgolf operates driving ranges with group bays, electronic ball tracking, and food and drink offerings. Certain venues host additional entertainment options including concert stages, shops, pools, and rooftop lounges. The company serves more than 20 million customers annually across 50 locations around the world, according to its website.
Topgolf's early backers include Callaway Golf , which invested in the company as early as 2006. Callaway stock climbed following news of Topgolf's IPO, and closed roughly 3.3% higher Monday.
Topgolf's public debut would arrive in the wake of 2019's IPO meltdown . Major startups including Uber, Lyft, and Peloton sank in their first days of trading, collectively wiping out billions of dollars of investor wealth as traders balked at the firms' lack of profitability.
WeWork and Endeavor were days away from entering public markets before analyst scrutiny and market volatility prompted them to cancel their highly anticipated IPOs.
The collection of IPO slumps is now creating two distinct windows for companies to go public in 2020, according to Deloitte IPO expert Previn Waas. Some firms will look to go public before 2020 presidential campaigns ramp up in July, while others will wait until after November to issue their first tradable shares, he said.
ADVERTISEMENT
"The political climate certainly has an impact and they're certainly trying to time that," he added.
Now read more markets coverage from Markets Insider and Business Insider:
Apple is 'unlikely' to repeat its 89% leap from 2019 in the new year, Deutsche Bank says
Citibank will reportedly hire 2,500 coders to bolster its trading and investment banking units
10 surprises that could rock biotech stocks in 2020, from a Regeneron acquisition, to big sales for key drugs on the cusp of launching
ADVERTISEMENT
See Also: