(Bloomberg) -- Driven Brands Holdings Inc., an automotive services company backed by Roark Capital, is set to raise about $700 million in an initial public offering, according to people with knowledge of the matter.
Driven Brands had marketed 38 million shares at $17 to $20 each, according to its filings with the U.S. Securities and Exchange Commission. The company is pricing the shares on Thursday above that range at $22 apiece, while shrinking the size of the listing, the people said, asking not to be identified because the information was private.
A representative for Driven Brands, based in Charlotte, North Carolina, didn’t immediately respond to a request for comment.
Roark Capital, which acquired Driven Brands in 2015, will have about a 70% stake in the company after the share sale, the prospectus shows.
Driven Brands operates car maintenance service Meineke, car wash chain ICWG and paint and repair businesses. It plans to use the IPO proceeds to pay down $722 million in senior credit facilities assumed in an acquisition, according to the filings.
Morgan Stanley, Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Barclays Plc are leading the offering. Driven Brands plans for the shares to begin trading Friday on the Nasdaq Global Select Market under the symbol DRVN.
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