Infrastructure solutions provider Shimmick Corporation has successfully launched its initial public offering (IPO), setting the public price at $7 per share. The company, known for its comprehensive work in water infrastructure and other critical sectors such as mass transit and bridges, began trading its shares on the Nasdaq Global Market under the ticker symbol "SHIM" starting today.
Shimmick's IPO included 3.575 million common stock shares, culminating in a raise of $25.025 million. The underwriters for the offering have been granted an option to purchase an additional 536,250 shares at the IPO price, minus underwriting discounts, if they choose to exercise this option.
The proceeds from this significant financial milestone are designated for a variety of corporate objectives. Shimmick plans to use the funds to reduce outstanding debt, enhance working capital, support general corporate needs, and potentially finance future acquisitions. This strategic allocation of resources is aimed at bolstering the company's robust portfolio of projects.
The offering is expected to close by Thursday, with Shimmick's market capitalization reported at $291 million as of January 1st. The commencement of trading on Nasdaq marks a new chapter for Shimmick Corporation as it continues to expand and upgrade vital infrastructure across various segments while championing environmental sustainability through its projects.
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