[ad_1]
At the offering price of $15, the company raised $468.8 million in an IPO led by underwriters investment houses buying initial shares in bulk for resale BofA Securities, Morgan Stanley, Goldman Sachs and Jefferies.
The IPO price translates into an initial company valuation of $5.6 billion, which Lai says likely places Mister Car Wash in the top 20 Arizona-based public companies based on market capitalization.
Mister Car Wash is the only Tucson-based company on the New York Stock Exchange.
They were extremely proud to represent Tucson and the great state of Arizona as a publicly traded company on the New York Stock Exchange, Lai said. For us it is more than a rite of passage, it is a confirmation of all the years of hard work and really underlines our growth potential.
Helping Tucson create a stronger and more diverse economic base is good for our entire city, so we were happy that it contributed in some small way to that dynamism, said Lai, a University of Arizona alumnus who serves on the Southern Arizona Board. Leadership Council.
Looking ahead, Lai said, Mister Car Wash plans to continue an aggressive program to acquire smaller car wash chains.
He noted that while his company is the largest in the industry with more than 340 locations built and acquired by the company, it still has only 5% of the highly fragmented market, so there’s plenty of room for growth.
[ad_2]
picture credit