SHIM News

Eleven US IPOs raised a combined $708 million in November, well below the month's historical 10-year average (16 IPOs, $4.2B). Deal flow was led by three sizable issuers, and remaining activity came from smaller companies, all of which raised $33 million or less. The month's IPOs averaged a weak -22% return from offer, and only two deals finished above issue, both of which raised...read more

Four smaller IPOs priced this past week, joined by one SPAC. The biggest news came from the pipeline, with product assessment services provider UL Solutions (ULS) filing for an estimated $1 billion IPO, followed by a sizable filing from metabolic disease biotech Carmot Therapeutics (CRMO). Other large issuers on file provided updates ahead of...read more

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...read more

Three IPOs are currently scheduled for the week ahead, though other small issuers may join the calendar late. Hong Kong-based DDC Enterprise (DDC) plans to raise $45 million at a $226 million market cap. Starting as an online recipe platform, DDC has since shifted to sales of prepared food products under its DayDayCook brand, as well as private label items. The...read more