Former Aecom unit Shimmick files IPO

Shimmick Corp. filed its initial public offering on Thursday with plans to trade on the Nasdaq under the symbol "SHIM" with underwriter Roth Capital Partners. The Irvine, Calif.-based provider of water and infrastructure solutions has been operating since 2021 as an independent company under private ownership after it was founded in 1990 and acquired by Aecom (ACM) in 2017. For the six months ended June 30, Shimmick reported a net loss of $19.6 million and revenue of $319.3 million. In the year-ago six-month period, Shimmick generated net income of $3.7 million and revenue of $293.6 million. Michell B. Goldsteen, the executive chairman of Shimmick, is a principal shareholder in the company and manager of Oroco Capital, a private investment firm. Shimmick disclosed an investment from Oroco in 2021.

-Steve Gelsi

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10-05-23 0720ET

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