Topgolf Is Said to Work With Morgan Stanley on U.S. IPO (1)

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 the people, 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 ...