Franchise Group Driven Brands Files for IPO That Could Raise $600 Million

Driven Brands, the largest automotive franchise in the U.S., looks set to peel out onto the stock market after filing on Tuesday to raise up to $100 million with an initial public offering of stock on the New York Stock Exchange.

Renaissance Capital, however, estimated the car care juggernaut could raise up to $600 million.

Driven Brands owns Maaco and Meineke and a host of other brands in the automotive space. The services provided by its brands touch on nearly every area of automotive services. Altogether, Driven Brands has more than 4,100 locations across 49 states and 14 countries and are heavily franchised with some corporate-owned locations. 

The company, which pulled in $798 million in the year ending on September 30, 2020, will list on the exchange as DRVN, according to Renaissance. 

Driven Brands' IPO could put the cherry on top of a red-hot year for franchising. Franchise brands have held up better than their independent counterparts during the pandemic and related economic downturn.