(Reuters) - The Soho House private members club said on Tuesday it plans to raise as much as $480 million through a U.S. initial public offering (IPO), targeting a valuation of about $3.21 billion. The 26-year-old club began as a meeting place for creative people and now has more than 119,000 members across spaces such as the Soho Houses in Amsterdam, Tel Aviv and Mumbai, The Ned in London and the Scorpios Beach Club in Mykonos. The company, which has filed under the name Membership Collective Group Inc, plans to sell 30 million shares of its Class A common stock priced between $14 and $16 apiece on the New York Stock Exchange. It has applied to list its shares under the symbol “MCG”. Soho House will continue to open Houses across Europe, the Americas, Asia and Africa, and launch new kinds of membership, Founder and Chief Executive Officer Nick Jones said in a filing. Soho House said it had over 59,000 applicants on a waitlist at the end of May and that it was able to achieve membership retention of 92% in fiscal 2020 despite the closure of its physical sites due to the COVID-19 pandemic. The club has never been profitable and reported a net loss of $93 million in the first quarter of 2021 on total revenue of $72 million, the filing showed. The group listed COVID-19, Brexit and food price inflation among risk factors in the S-1 registration statement filed last month with the regulators. J.P. Morgan, Morgan Stanley, BofA Securities, Goldman Sachs and HSBC are the joint book-running managers for the offering. Our Standards: The Thomson Reuters Trust Principles.