Mister Car Wash Goes Public With $15-Per-Share IPO

Mister Car Wash announced the pricing of its initial public offering (IPO) on Friday (June 25), with the nationwide chain of car washes offering 37.5 million shares of common stock at $15 per share.

According to a company news release, 31,250,000 of those shares are being offered by Mister Car Wash, while another 6,250,000 are being sold by selling stockholders. The shares began trading on Friday on the New York Stock Exchange under the ticker symbol “MCW,” with the offering expected to close on June 29.

MarketWatch reported that the IPO values the company at $4.44 billion. Mister Car Wash raised $468.8 million through the sale of its 31.2 million shares, while selling shareholders raised another $93.8 million by selling their shares.

Underwriters have a 30-day option to purchase up to 5,625,000 additional shares of common stock from certain selling stockholders at the IPO price, minus underwriting discounts and commissioners. Bank of America Securities, Morgan Stanley, Goldman Sachs and Jefferies LLC are servicing as joint lead book-running managers for the offering.

Mister Car Wash, which owns and operates more than 340 car washes across 21 states, filed to go public earlier this month. According to its SEC filing, the company washed 59.6 million cars between April 2020 and March 31 of this year. The company also operates a monthly subscription program — the Unlimited Wash Club — which had 1.4 million members at the end of the first quarter of 2021. Those subscriptions made up 62 percent of total wash sales in the latest period and 68 percent of total wash volume.

“Getting your car washed is fun, and the sensory experience within our tunnels creates a magic, feel-good moment,” the company said in its filing. “We often refer to our stores as the stage and our tunnels the show, where all our people play a part in an interactive and dynamic experience.”