Roark Capital-owned Driven Producers objectives for over $3 billion valuation in IPO

(Reuters) - Driven Producers Holdings Inc, considered one of many greatest U.S. auto services franchisers, is taking a search for to elevate as worthy as $760 million by an initial public offering, which would trace the Roark Capital-owned firm at about $3.4 billion.

Driven plans to sell 38 million shares of its normal inventory priced at between $17 and $20 apiece, it mentioned in a filing on Thursday. [bit.ly/3q1gUhY]

Final year, private equity agency Roark Capital, which obtained Driven from Harvest Companions in 2015, had belief-about selling it for approximately $2 billion, in preserving with a Bloomberg file. [bloom.bg/392Q2Hy]

Driven reported $2.4 billion in sales within the 9 months ended Sep. 26, 2020, generating $616 million in income, in preserving with the filing. [bit.ly/35k3Qwj]

The firm will checklist its shares on the Nasdaq beneath the ticker symbol ‘DRVN’.

Morgan Stanley, BofA Securities, J.P. Morgan, Goldman Sachs and Barclays are the lead underwriters for the IPO.

Reporting by Sohini Podder in Bengaluru; Editing by Maju Samuel and Shinjini Ganguli

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