DRVN Stock Price Climbs 21.32% In Public Debut

By Amit Chowdhry ● January 17, 2021
  • The stock price of Driven Brands Holdings Inc (NASDAQ: DRVN) increased by 21.32% in its public debut on Friday January 15 as it went from an opening price of $22 to a closing of $26.69. These are the details.

The stock price of Driven Brands Holdings Inc (NASDAQ: DRVN) increased by 21.32% in its public debut on Friday January 15 as it went from an opening price of $22 to a closing of $26.69.

On Thursday, Driven Brands had announced the pricing of its IPO of 31,818,182 shares of its common stock at a price to the public of $22 per share. And the company 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.

Driven Brands is planning to use the proceeds from the offering and cash on hand to repay in full the outstanding indebtedness under certain credit facilities and to pay fees and expenses in connection with the offering.

What does Driven Brands do? Based on Charlotte, NC, Driven Brands is the largest automotive services company in North America. And the company provides a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash.

Driven Brands is known as the parent company of brands like Take 5 Oil Change, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C, and CARSTAR. And 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.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.