Deals
Roark Capital-Backed Driven Brands Climbs After $700 Million IPO
- Auto-services chain company rises 21% in trading debut
- Private equity firm Roark Capital retains control after IPO
Photographer: Luke Sharrett/Bloomberg
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Driven Brands Holdings Inc., an automotive services company backed by Roark Capital, rose 21% in its U.S. trading debut after raising $700 million in an initial public offering.
The company’s shares opened at $28 in New York trading Friday and closed at $26.69, giving Driven Brands a market value of about $4.5 billion. The company sold almost 32 million shares on Thursday for $22 apiece after marketing 38 million for $17 to $20.