Shimmick, a California-based construction firm specializing in public water infrastructure, announced terms for its IPO on Tuesday.
The Irvine, CA-based company plans to raise $50 million by offering 4.6 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Shimmick would command a fully diluted market value of $333 million.
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 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. Roth Capital is the sole bookrunner on the deal.
