Keith Cos.’ IPO Ends Day Unchanged
Shares of Keith Cos., a Costa Mesa engineering and technical services firm, didn’t exactly bowl investors over in the firm’s initial public offering Tuesday.
The company raised $13.5 million by selling 1.5 million shares at $9 apiece, in the middle of the range it had hoped for. The stock closed unchanged at $9 on Nasdaq, after trading as low as $8.88 and as high as $11.50 during the day.
Keith has more than 450 employees and eight offices in three states.
Los Angeles-based brokerage Wedbush Morgan Securities was the lead manager of the offering.
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