Disappointing Lincoln paid the penalty for failing to finish off their chances.
The Red Imps appeared to be coasting to victory after taking a first half lead but against the run of Town hit a late equaliser with their only on target shot of the game.
Town were lively in the opening ten minutes and almost broke the deadlock when an in swinging corner from Mark Atkins beat Lincoln keeper Alan Marriott, but struck the top of the bar.
Lincoln soon settled and went close in the 25th minute when Simon Yeo set up his strike partner Dean Croppe,r but the youngster saw his flick saved brilliantly by Town keeper Ian Dunbavin.
Lincoln went in front in the 33rd minute when a corner from Ben Sedgemore came back off the post to Richard Butcher who slammed it into the net.
Butcher wasted a second chance five minutes later when he shot wide from an almost identical position.
Cropper should of done better with a 47th minute header but could only direct his effort straight at Dunbavin.
The Town keeper then dropped a corner but was saved by Peter Wilding who got his body in the way of Cropper's shot.
Shrewsbury broke away to equalise in the 73rd minute with Steve Jagielka taking advantage of a poor clearance to net his first goal of the season.
Lincoln brought on new signing Luke Cornwall in the closing stages and he almost grabbed a late winner when he was inches away from converting a Stuart Bimson free-kick.
Shrewsbury manager Kevin Ratcliffe said "It was always going to be a difficult game for us and in the end I was glad of a point.
"The lads showed plenty of character and I was pleased with the effort they put in.
"After we scored I thought we had our best spell of the game and we might of got the winner." Lincoln boss Keith Alexander, whose team are now undefeated in six league games, moaned: "It took us 45 minutes just to raise a gallop. It was a game we should of won."