Mister Car Wash, which is leading national car wash brand with over 340 locations across the US, raised $563 million by offering 37.5 million shares (16% insider) at $15, the low end of the range of $15 to $17. At pricing, the company commands a fully diluted market value of $4.9 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 62% of total wash sales.
Mister Car Wash plans to list on the NYSE under the symbol MCW. BofA Securities, Morgan Stanley, Goldman Sachs, Jefferies, BMO Capital Markets, and UBS Investment Bank acted as lead managers on the deal.
