Shimmick, a California-based construction firm specializing in public water infrastructure, filed on Thursday with the SEC to raise up to $50 million in an initial public offering.
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.
This is Shimmick's second attempt to go public. The company had previously filed for an IPO in late 2015, but the deal was postponed in early 2016 and never priced.
The Irvine, CA-based company was founded in 1990 and booked $690 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol SHIM. Shimmick filed confidentially on August 10, 2023. Roth Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
