Mister Car Wash stock soars in its debut, valuing company as $5.6 billion

Shares of Mister Car Wash Inc.
MCW,
+36.60%
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,
-0.23%
slipped 0.4% while the S&P 500
SPX,
+0.26%
gained 0.3%.