Driven Brands Holdings Inc.

Driven Brands Holdings Inc. (DRVN) priced its initial public offering on Jan 19, 2021 at $22.00 per share, above its $17.00–$20.00 range, raising $700M, and listed on Nasdaq Global Select. At the IPO price its market capitalization was about $2.92B. Morgan Stanley was lead-left underwriter, joined by BofA Securities, Goldman Sachs and J.P. Morgan and others. Paul, Weiss advised the company and Latham & Watkins advised the underwriters.

Driven Brands Holdings Inc. operates in the automotive services industry through franchise and company-operated units, including CARSTAR and Take 5 locations. The excerpt describes how it measures unit-level returns and key performance indicators rather than detailing its services.

Status

IPO

Ticker

DRVN

Exchange

Nasdaq Global Select

Priced

Jan 19, 2021

IPO price

$22.00

Price range

$17.00–$20.00

Raised

$700M

Market cap at IPO price

$2.92B

First filed

Dec 22, 2020

Underwriters

Morgan Stanley, BofA Securities, Goldman Sachs, J.P. Morgan, Barclays, Baird, Credit Suisse, Piper Sandler and William Blair

Company counsel

Paul, Weiss

Underwriters' counsel

Latham & Watkins

Sector

Other

Country / state

NC

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.