Driven Brands Holdings Inc., an automotive services company backed by Roark Capital, raised $700 million in an initial public offering.

The company sold almost 32 million shares Thursday for $22 apiece, according to a statement confirming an earlier report by Bloomberg News. Driven Brands had marketed 38 million shares for $17 to $20 each, according to its filings with the U.S. Securities and Exchange Commission.

Roark Capital, which acquired Driven Brands in 2015, will have about a 70% stake in the company after the share sale, the prospectus shows.

Driven Brands, based in Charlotte, North Carolina, operates car maintenance service Meineke, car wash chain ICWG and paint and repair businesses. It plans to use the IPO proceeds to pay down $722 million in senior credit facilities assumed in an acquisition, according to the filings.

Morgan Stanley, Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Barclays Plc are leading the offering. Driven Brands expects its shares to begin trading Friday on the Nasdaq Global Select Market under the symbol DRVN.