TOPGOLF SEEKS TO HIRE BANKS FOR IPO: SOURCES

U.S. golfing centre operator Topgolf International Inc. is in talks with investment banks about hiring underwriters for an initial public offering, people familiar with the matter said. The IPO would come as Topgolf seeks capital to open new venues in the U.S., U.K., Mexico, Dubai and Canada. It operates 52 U.S. golfing centres, three in Britain and one in Australia. Among Topgolf ’s top investors are investment firm WestRiver Group, sporting goods company Callaway Golf Co., Carolina Hurricanes majority owner Thomas Dundon, and buyout firm Providence Equity Partners. When Callaway increased its investment in Topgolf in December 2017, it valued its 14-per-cent stake at US$290 million, suggesting an equity valuation for Topgolf of US$2.1 billion.