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Mister Car Wash Aims for over $5B Valuation in U.S. IPO

(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

Source: Reuters

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