Driven Brands (DRVN) IPO Opens 27% Higher

January 15, 2021 11:59 AM EST
Get Alerts DRVN Hot Sheet
Price: $25.87 -0.04%

Overall Analyst Rating:
    BUY (= Flat)

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Today's IPO for Driven Brands Holdings Inc. (NASDAQ: DRVN) opened for trading at $28 after pricing 31,818,182 shares of its common stock at a price to the public of $22.00 per share.

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.

Morgan Stanley & Co. LLC, BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers for the offering. J.P. Morgan Securities LLC and Barclays Capital Inc. are also acting as book-running managers. Robert W. Baird & Co. Incorporated, Credit Suisse Securities (USA) LLC, Piper Sandler & Co. and William Blair & Company, L.L.C. are acting as bookrunners for the offering.

Driven Brands, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,100 centers across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates approximately $900 million in revenue from more than $3 billion in system-wide sales.



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