Shares of Mister Car Wash Inc. MCW, +38.07% rallied out of the gate Friday, even as the Arizona-based carwash chain’s initial public offering priced overnight at the low end of the expected range. The company raised $468.8 million, as the IPO priced overnight at $15 a share, compared with expectations of a pricing between $15 and $17 a share. The stock’s first trade was at $18.90 at 12:16 p.m. Eastern for 4.1 million shares, or 26.0% above the IPO price. At the opening price, the company was valued at about $5.60 billion. TThe stock went public on a day that the Renaissance IPO ETF IPO, -0.27% slipped 0.4% while the S&P 500 SPX, +0.26% gained 0.3%.
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