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

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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 (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. 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. 

Posted-In: Bloomberg TopgolfNews Sports IPOs Media General Best of Benzinga

 

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