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Driven Brands Holdings Inc. (DRVN)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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29.98+0.19 (+0.64%)
At close: 4:00PM EST

30.00 +0.02 (0.07%)
After hours: 7:34PM EST

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Neutralpattern detected
Previous Close29.79
Open30.99
Bid29.41 x 1800
Ask29.98 x 900
Day's Range29.01 - 31.29
52 Week Range25.30 - 32.95
Volume1,307,489
Avg. Volume2,663,825
Market Cap4.938B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Driven Brands Holdings Inc. Announces Pricing of Initial Public Offering
    GlobeNewswire

    Driven Brands Holdings Inc. Announces Pricing of Initial Public Offering

    CHARLOTTE, N.C., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (“Driven Brands” or the “Company”) today announced the pricing of its initial public offering of 31,818,182 shares of its common stock at a price to the public of $22.00 per share. Driven Brands is the largest automotive services company in North America, with a portfolio of highly recognizable brands that fulfill an extensive range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands has 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. The shares are expected to begin trading on the Nasdaq Global Select Market on January 15, 2021, under the ticker symbol “DRVN,” and the offering is expected to close on January 20, 2021, subject to customary closing conditions.Driven Brands intends 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. If the underwriters exercise their option to purchase additional shares, Driven Brands intends to use a portion of the net proceeds therefrom to acquire shares of common stock from certain of its existing stockholders. None of the existing stockholders Driven Brands purchases shares from will be an existing employee, executive officer or director or controlling stockholder of the Company.Morgan Stanley & Co. LLC, BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers for the offering. J.P. Morgan Securities LLC and Barclays Capital Inc. are also acting as book-running managers. Robert W. Baird & Co. Incorporated, Credit Suisse Securities (USA) LLC, Piper Sandler & Co. and William Blair & Company, L.L.C. are acting as bookrunners for the offering.A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on January 14, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained from any of the following sources: * Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014, or by email at prospectus@morganstanley.com; * BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or via email: dg.prospectus_requests@bofa.com; or * Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com. This release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Forward Looking StatementsThis press release includes "forward looking information," including with respect to the initial public offering. These statements are made through the use of words or phrases such as "will" or "expect" and similar words and expressions of the future. Forward-looking statements involve known and unknown risks, uncertainties and assumptions, including the risks outlined under "Risk Factors" in the preliminary prospectus and elsewhere in the Company's filings with the SEC, which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as required by law.About Driven Brands Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. 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.Driven Brands Holdings Inc. 440 S. Church Street, Suite 700 Charlotte, NC 28202Media Contact: (704) 644-8129 Media@drivenbrands.comInvestor Contact: Rachel Webb (704) 644-8125 Rachel.Webb@drivenbrands.com

  • Lender Affirm Prices IPO Above Range to Raise $1.2 billion
    Bloomberg

    Lender Affirm Prices IPO Above Range to Raise $1.2 billion

    (Bloomberg) -- Affirm Holdings Inc., which provides installment loans to online shoppers, priced its U.S. initial public offering above its marketed range to raise $1.2 billion.In the first major U.S. technology listing this year, Affirm sold 24.6 million shares for $49 each, according to a statement on Wednesday, confirming an earlier Bloomberg News report. The San Francisco-based company had marketed the shares for $41 to $44 apiece, a range that it had raised Monday from $33 to $38.The IPO gives Affirm a market value of $11.9 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. The company’s fully diluted valuation, including options and restricted stock units, is about $15 billion.Affirm is the first of several companies set to go public this week after a hot year for IPOs in 2020 led by Airbnb Inc.and DoorDash Inc. Online marketplace for secondhand luxury goods Poshmark Inc., pet supply retailer Petco Animal Supplies Inc., mobile game developer Playtika Holdings Inc. and auto service and supply company Driven Brands Holdings Inc. are all on deck for IPOs.Affirm was founded in 2012 by Max Levchin, who also co-founded PayPal Holdings Inc. Levchin is the company’s single biggest shareholder, according to filings. Other large owners include Jasmine Ventures, a fund affiliated with Singapore’s sovereign wealth fund, GIC Pte, along with Khosla Ventures, Founders Fund, Lightspeed Venture Partners and Shopify Inc.More than 6,500 merchants use Affirm’s platform, according to its prospectus.For the third quarter, Affirm had a net loss of $15 million on revenue of $174 million, compared with a loss of $31 million on revenue of $88 million during the same period in 2019, according to its filing.Home exercise company Peloton Interactive Inc. was by far Affirm’s most important merchant partner, accounting for 30% of its total revenue in the third quarter. Its top 10 merchants including Peloton produced about 37% of Affirm’s revenue during the period, creating the risk its business could be adversely affected by the loss of any of those partners, according to the filing.Affirm postponed its IPO from December alongside game developer Roblox Inc., which has since decided to pursue a direct listing.Morgan Stanley, Goldman Sachs Group Inc. and Allen & Co. led Affirm’s IPO. Its shares are expected to begin trading Wednesday on the Nasdaq Global Select Market under the symbol AFRM.(Updates with official statement in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.