Constructing the first IPO of 2016: Shimmick Construction sets terms for $75 million IPO

newiponews
(Renaissance Capital's research analysts) Shimmick Construction Company, a vertically integrated provider of heavy civil construction services in California, announced terms for its IPO on Thursday.


The Oakland, CA-based company plans to raise $75 million by offering 6.25 million shares (33% insider) at a price range of $11 to $13. At the midpoint of the proposed range, Shimmick Construction would command a market value of $182 million.


An offer date has not been announced, but Shimmick's filing positions it to be the first IPO of 2016.


Shimmick Construction Company, which was founded in 1990 and booked $461 million in sales for the 12 months ended September 30, 2015, plans to list on the Nasdaq under the symbol SCCI. FBR Capital Markets is the sole bookrunner on the deal.
Share on Google Plus

About Jessica Hornberger

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.
    Blogger Comment
    Facebook Comment