Topgolf International Inc., an operator of driving ranges with a party atmosphere, has selected banks for an initial public offering that could value the company at about $4 billion, according to people familiar with the matter.
The Dallas-based company is working with banks, including Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp., said sources who asked to not be identified because the matter is private. Its IPO could come as soon as this year, they said.
Topgolf, led by Chief Executive Officer Dolf Berle, has $525 million in outstanding debt, according to data compiled by Bloomberg.
Representatives for Topgolf, Morgan Stanley, JPMorgan and Bank of America declined to comment.
The company’s driving ranges, which bring the spirit of a bowling alley to the golf course, have bays that can accommodate up to six players who can track their balls electronically while ordering food and drinks. Some venues feature rooftop bars, restaurants, shops, pools and concert halls. The company has locations in the U.S. (including Birmingham and Huntsville), the U.K. and Australia, with others opening soon in Canada, Mexico and the United Arab Emirates, according to its website.
The company’s backers have included Callaway Golf Co., which acquired a minority stake with other investors in a deal completed in 2017.