SiTime completed its initial public offering (IPO) and shares are now trading on the Nasdaq Stock Market under the symbol SITM.
On the first day of trading, SITM surged 43% over the opening price to close at $18.65.
“SiTime’s IPO on Nasdaq begins an exciting new chapter for us,” said Rajesh Vashist, CEO of SiTime. “SiTime is a timing pure-play leader that is using the power of silicon to transform the timing industry. Our sole focus on timing, along with our industry-leading MEMS, analog and systems technologies, enables significant growth opportunities for us in the $7.7B timing market. On behalf of SiTime, I want to thank our customers, employees, partners and suppliers who have played a key role in our success, and will continue to do so in the future.”
SiTime prepares for IPO — MEMS timing solutions
SiTime, a supplier or MEMS timing, has launched a roadshow for the initial public offering of 4,300,000 shares of its common stock. The underwriters will also have a 30-day option to purchase up to 645,000 additional shares of common stock at the IPO price, less underwriting discounts and commissions. The IPO price is currently expected to be between $13.00 and $15.00 per share. SiTime expects to list its common stock on The Nasdaq Global Market under the ticker symbol “SITM.”
SiTime Corporation is a wholly-owned subsidiary of MegaChips Corporation. The company has shipped over 1.5 billion devices to date.
