Mister Car Wash, a leading national car wash brand with 344 locations across the US, announced terms for its IPO on Thursday.
The Tucson, AZ-based company plans to raise $600 million by offering 37.5 million shares (17% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Mister Car Wash would command a fully diluted market value of $5.3 billion.
Mister Car Wash is the largest national car wash brand in the US, with 344 locations in 21 states. The company offers a monthly subscription program called Unlimited Wash Club which had 1.4 million members as of March 31, 2021, representing the majority of total wash sales.
Mister Car Wash was founded in 1996 and booked $595 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol MCW. BofA Securities, Morgan Stanley, Goldman Sachs, Jefferies, BMO Capital Markets, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.
