Mister Car Wash IPO cleans up

Mister Car Wash operates 340 shops nationwide

Mister Car Wash cleaned up its in initial public offering. 

The nation's largest carwash company saw its stock surge 35% to close at $20 per share after the offering priced at $15. Shares are listed on the New York Stock Exchange. 

S&P POST BEST WEEK SINCE FEBRUARY

Ticker Security Last Change Change %
MCW MISTER CAR WASH INC 21.43 +0.59 +2.83%

CEO John Lai tells FOX Business the proceeds from the deal will help the company shore up its balance sheet while also growing the business. 

AVERAGE CAR PRICE HITS RECORD

"We are going to continue to reinvest in our infrastructure, we are going to pay down some debt, get a rock-solid balance sheet and set ourselves up for continued growth because for us this is just the beginning," he said. The company currently has about $465 million in debt. 

Mister Car Wash, headquartered in Tucson, Arizona, operates over 340 car washes nationwide, with that number likely to grow. 

The other success Lai pointed out is customers not only get a clean car when they drive out, but they also get a friendly welcome.

"Hospitality is at the core of what we do, most people don’t expect that in a car wash," he said.

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Lai is the largest individual stockholder, as noted in the filing with the Securities and Exchange Commission.