TopGolf International Inc., an operator of golf entertainment facilities, is preparing for an initial public offering that could value the company at around $4 billion, Bloomberg reported Monday.
TopGolf is working with banks including Morgan Stanley (NYSE: MS), Bank of America Corp (NYSE: BAC) and JPMorgan Chase & Co.
(NYSE: JPM) for an IPO that could come as soon as this year, anonymous sources told Bloomberg.
The offering could value TopGolf at $4 billion, the publication said.
TopGolf operates driving ranges with group bays, electronic ball tracking and food and drink offerings. The company has $525 million in outstanding debt, according to Bloomberg.
Why It Matters
Shares of Callaway Golf Co (NYSE: ELY), one of TopGolf’s early investors, traded higher on Monday.
Investing in Initial Public Offerings (IPOs)
The stock was down 0.05% at $21.96 at the time of publication Tuesday.
The company’s early investors also include the private equity firm Providence Equity Partners, which made a “sizable minority investment” in TopGolf in 2016, Bloomberg said.
Photo courtesy of TopGolf.
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