Driven Brands has announced plans for its initial public offering (IPO) that investors are going to want to keep an eye on.
To start off, Driven Brands is a company that focuses on the maintenance and upkeep of vehicles. It does this through its various brands, such as Maaco and Meineke. It has more than 4,100 locations around the world and employs some 6,600 employees.
Here’s what potential Driven Brands investors need to know about the company’s IPO.
- Driven Brands filed its IPO with the U.S. Securities and Exchange Commission (SEC) on Tuesday after markets closed.
- The company is planning to list its shares on the Nasdaq Exchange under the DRVN stock ticker.
- It has yet to set a price range for the offering.
- There also isn’t a number of shares for the offer included in the filing.
- What Driven Brands does say is that principal stockholders will continue to hold a majority of voting power in the company after the IPO.
- The SEC filing doesn’t reveal when the Driven Brands IPO will take place, but it looks like the company is targeting 2021.
- Underwriters for the IPO include Morgan Stanley, BofA Securities, Goldman Sachs, J.P. Morgan Securities, Barclays Capital, Credit Suisse Securities, and several others.
- Investors may want to keep an eye on DRVN stock after the IPO as it could benefit from an economic recovery after the novel coronavirus pandemic ends.
- Some analysts believe that more auto care companies will get a boost in business as people begin to travel again once the pandemic dies down.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.