Shares of Mister Car Wash Inc.
MCW,
+4.68%
dropped 1.7% in premarket trading Tuesday, after the car wash company announced a secondary offering of 12 million shares by selling stockholders. The shares are being offered by funds affiliated with majority owner Leonard Green & Partners, several members of the company's management team and several other pre-initial public offering investors. The company, which went public on June 25, will not receive any proceeds from the offering. The offering represents about 4.1% of the total shares outstanding. The stock closed Monday at $20.57, 37.1% above the $15 IPO price, and 1.3% above where it closed on June 25. In comparison, the Renaissance IPO ETF
IPO,
+2.08%
has declined 3.1% since June 25 while the S&P 500
SPX,
+0.85%
has gained 4.6%.