Shimmick Corp. is latest IPO to fail to reach issue price
Shimmick Corp. (SHIM), a California construction company that specializes in public water infrastructure, has become the latest company to flounder in its trading debut, even after it downsized its IPO and priced below range. The company's deal priced at $7 a share on Monday, compared with a proposed price range of $10 to $12. The company offered just 3.6 million shares, or 0.98 million fewer than expected. The stock closed at $6.40 Tuesday in its first day of trade and was recently quoted at $6.50, but has not yet touched its IPO issue price. German sandal and clog maker Birkenstock Holding Plc (BIRK) has also failed to reach its issue price of $46. That stock was last quoted at $41.04. The IPO market has struggled this year as deal after deal either flops on its first day of trade or gains peter out in the aftermarket. The Renaissance IPO ETF (IPO) has gained 34% in the year to date, however, outperforming the S&P 500 , which has gained 17%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-15-23 1313ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings, Is Coinbase Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy
-
Energy Transfer Earnings: M&A Drives Guidance Increase In Solid Quarter
-
The Best Healthcare Stocks to Buy
-
Going Into Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?