Shimmick Corp IPO at $7, Trades as ‘SHIM’ on Nasdaq

Infrastructure provider Shimmick Corporation has successfully initiated its initial public offering (IPO), unveiling a public price of $7 per share. The company, renowned for its extensive contributions to water infrastructure and other vital sectors such as mass transportation and bridges, commenced trading its shares on the Nasdaq Global Market under the ticker symbol “SHIM” today.

Shimmick’s IPO comprised 3.575 million shares of common stock, generating a total of $25.025 million. The underwriters of the offering were granted an option to acquire an additional 536,250 shares at the IPO price, minus the underwriting discount, should they choose to exercise this option.

The proceeds from this significant financial milestone will be allocated for various corporate purposes. Shimmick’s strategic plan involves utilizing the funds to reduce outstanding debt, fortify working capital, support general company needs, and create the potential for future financing. This thoughtful allocation is designed to enhance the robust structure of the company’s programs.

The offering is anticipated to conclude on Thursday, with Shimmick’s market value reported at $291 million as of January 1. The initiation of trading on the Nasdaq symbolizes a new phase for Shimmick as it continues its trajectory of expanding and enhancing critical infrastructure across diverse sectors, all while championing environmental sustainability through its projects.