Mister Car Wash Inc. MCW, has set terms of its initial public offering, which would value the Arizona-based carwash chain at up to $5.03 billion. The company is looking to raise up to $637.5 million, as it is offering 37.5 million shares in the IPO, which is expected to price between $15 and $17 a share. The company expects to have 296.07 million shares outstanding after the IPO. The stock is expected to list on the NYSE under the ticker symbol “MCW.” BofA Securities, Morgan Stanley, Goldman Sachs and Jefferies are the lead underwriters. The company recorded net income of $59.3 million on revenue of $574.9 million in 2020, after income of about $920,000 on revenue of $629.5 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF IPO, +0.51% has slipped 3.5% over the past three months while the S&P 500 SPX, -1.31% has gained 6.3%.
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