Keith Companies Raises $13.5 Million With IPO
- Share via
Keith Companies, a Costa Mesa engineering and technical services firm, made its Wall Street debut Tuesday, raising about $13.5 million in an initial public stock offering.
The company sold 1.5 million shares at $9 apiece, in the middle of the price range it had hoped for. Keith shares also closed at $9 on the Nasdaq National Market, after slipping as low as $8.88 and climbing as high as $11.50 during the day.
Keith, founded in 1983, has more than 450 employees and eight offices in three states. The company provides a host of engineering and technical services, including environmental permitting and flood control.
Proceeds from the offering will be used to fund the acquisition of Thompson-Hysell Inc., a Modesto firm that provides real estate services in central and northern California and Utah; to repay debt; and for general corporate purposes.
Wedbush Morgan Securities of Los Angeles was the lead underwriter of the offering, in which some of the shares were distributed via the Internet.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
