Welcome to the Reuters.com BETA. Read our Editor's note on how we're helping professionals make smart decisions.
Skip to main content

Mister Car Wash aims for over $5 bln valuation in U.S. IPO

1 minute read

The floor of the the New York Stock Exchange (NYSE) after the close of trading in New York, U.S., March 18, 2020. REUTERS/Lucas Jackson

  • Jefferies & Associates, P.L.C.
    See all

The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.

June 17 (Reuters) - Mister Car Wash Inc is looking to raise as much as $638 million through a U.S. initial public offering, targeting a valuation of more than $5 billion, a regulatory filing on Thursday showed.

The Tucson, Arizona-based company is offering 37.5 million shares priced between $15 and $17 per share. It has applied to list its shares on the New York Stock Exchange under the ticker symbol "MCW".

Founded in 1996, Mister Car Wash operates 344 car washes across 21 states and reported net revenue of $595 million for the twelve months ended March 31, the filing showed.

The company, controlled by private equity firm Leonard Green & Partners LP, said its monthly subscription program grew by about 247,000 members in 2020 despite the COVID-19 pandemic.

BofA Securities, Morgan Stanley, Goldman Sachs and Jefferies are the lead underwriters for the offering.

Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni
More from Reuters