At an offering price of $ 15, the company raised $ 468.8 million in an initial public offering led by underwriters – investment houses who buy initial stocks in bulk for resale – BofA Securities, Morgan Stanley, Goldman Sachs, and Jefferies.
The IPO price equates to an initial company valuation of $ 5.6 billion, which Lai Mister Car Wash said likely places it in the top 20 Arizona-based public companies by market capitalization.
Mister Car Wash is the only Tucson-based company on the New York Stock Exchange.
“We are very proud to represent Tucson and the great state of Arizona as a public company on the New York Stock Exchange,” said Lai. “For us it is more than a rite of passage, it is an affirmation of all these years of hard work and it really highlights our growth potential.”
“Helping Tucson build a stronger and more diverse economic base is good for our entire city, so we’re excited to be adding some of the momentum,” said Lai, a University of Arizona alumnus, who attended the Southern Arizona 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 self-built and purchased locations, it still only has 5% of the highly fragmented market, so there is plenty of room for growth.