Connect with us
0

Carwash News

Driven Brands Holdings Inc. announces pricing of initial public offering

CHARLOTTE, N.C. — Driven Brands Holdings Inc. announced the pricing of its initial public offering of 31,818,182 shares of its common stock at a price to the public of $22 per share, according to a press release.

Advertisement
Click Here to Read More
Advertisement

Driven Brands is the largest automotive services company in North America, with a portfolio of highly recognizable brands that fulfill an extensive range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and carwash.

Driven Brands has granted the underwriters a 30-day option to purchase up to an additional 4,772,727 shares of its common stock at the initial public offering price, less underwriting discounts and commissions.

The offer began trading on the Nasdaq Global Select Market on Jan. 15, 2021 under the ticker symbol “DRVN” and closed on Jan. 20, 2021.

Driven Brands intends to use the proceeds from the offering and cash on-hand to repay in full the outstanding indebtedness under certain credit facilities and to pay fees and expenses in connection with the offering.

If the underwriters exercise their option to purchase additional shares, Driven Brands intends to use a portion of the net proceeds therefrom to acquire shares of common stock from certain of its existing stockholders.

None of the existing stockholders Driven Brands purchases shares from will be an existing employee, executive officer or director or controlling stockholder of the company.

Advertisement
Click to comment

POPULAR POSTS

scratches, swirls, swirl marks scratches, swirls, swirl marks

Detailing

The truth about the origins of scratches and swirls

customer, customers, wants, needs, experience customer, customers, wants, needs, experience

Guest Post

What customers want

See your carwash featured in PC&D

scales, money, wages scales, money, wages

Operations and Management

A balancing act with wages

Connect