Renaissance Capital logo

Construction firm Shimmick prices downsized IPO at $7, well below the range

November 14, 2023

Shimmick, a California-based construction firm specializing in public water infrastructure, raised $25 million by offering 3.6 million shares at $7, well below the range of $10 to $12. The company offered 0.98 million fewer shares than anticipated.

Shimmick provides water and other critical infrastructure solutions across the US. In 2022, the company was nationally ranked as a top ten builder of dams and reservoirs (#1), water supply (#3), water treatment and desalination plants (#8), and mass transit (#9), according to Engineering News Record. Shimmick selectively focuses on three types of infrastructure projects: water treatment, water resources, and other critical infrastructure. Its project revenue and contracts come primarily from public customers such as federal, state, and local governments, including water districts, sanitation districts, irrigation districts, and flood control districts.

Shimmick plans to list on the Nasdaq under the symbol SHIM. Roth Capital acted as sole bookrunner on the deal.