Shimmick Construction Company, which provides heavy civil construction services to public agencies in California, delayed its proposed IPO on Thursday due to market conditions. It had filed to raise $75 million by offering 6.3 million shares (33% insider) at a price range of $11 to $13. The company is now determining whether it will price its IPO on a day-to-day basis.
The Oakland, CA-based company was founded in 1990 and booked $461 million in sales for the 12 months ended September 30, 2015. It had planned to list on the Nasdaq under the symbol SCCI. FBR Capital Markets is the sole bookrunner on the deal. Shimmick and online subprime lender Elevate Credit (ELVT) are on the IPO calendar for next week.
