Shimmick Corporation announced on Tuesday the terms for its initial public offering (IPO), with plans to offer 4.55 million company shares at $10 to $12 each.
The water treatment company said it is targeting to raise $54.6 million at a market valuation of about $318 million.
Shimmick has applied to list on the Nasdaq under the ticker 'SHIM’.
In a regulatory filing, the company revealed that it had swung to a net loss of $19.6 million in the first half of the year from a profit of $3.7 million during the same period last year, while its revenue rose to $319.3 million from $293.6 million.
Roth Capital Partners and Craig-Hallum Capital Group are underwriting the capital raise.
Shimmick is a former subsidiary of AECOM, a multinational infrastructure consulting firm that trades on the NYSE.
Contact Sean at sean@proactiveinvestors.com