News

Mister Car Wash stock soars in its debut, valuing company as $5.6 billion

Shares of Mister Car Wash Inc.
MCW,
+43.33%

rallied out of the gate Friday, even as the Arizona-based carwash chain’s initial public offering priced overnight at the low end of the expected range. The company raised $468.8 million, as the IPO priced overnight at $15 a share, compared with expectations of a pricing between $15 and $17 a share. The stock’s first trade was at $18.90 at 12:16 p.m. Eastern for 4.1 million shares, or 26.0% above the IPO price. At the opening price, the company was valued at about $5.60 billion. TThe stock went public on a day that the Renaissance IPO ETF
IPO,
-0.05%

slipped 0.4% while the S&P 500
SPX,
+0.31%

gained 0.3%.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News