TopGolf Could Be Valued At $4B In IPO, Bloomberg Reports

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. 

What Happened

TopGolf is working with banks including Morgan Stanley MS, Bank of America Corp BAC and JPMorgan Chase & Co. 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 ELY, one of TopGolf’s early investors, traded higher on Monday. 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.