SiTime Corp falls ahead of planned equity offering
17/02/2021 17:37
** SiTime Corporation SITM.O shares down 13.0% at $129.25
and on track for biggest one-day pct fall since Jun as silicon
timing systems provider looks to price follow-on Weds AMC
** Shares fall Weds amid slide in big tech firms as
investors rotate out of growth stocks .N
** SITM late Tues launched offering of 3 mln shares
urn:newsml:reuters.com:*:nGNX91Tftx
** Offering comprises sale of 1.5 mln shares by MegaChips
Corp 6875.T , which would cut Japanese fabless semiconductor
co's stake in SITM to ~32%, or 6 mln shares
** SITM plans to use net offering proceeds it receives for
general corp purposes, including working capital, marketing and
product development
** Barclays, Credit Suisse and Stifel are jt lead
bookrunners for offering, which represents a third of co's free
float, per Refinitiv
** Even with Weds decline, SITM's shares are up ~15% YTD
following nearly 340% surge in 2020
** SITM IPOd in Nov 2019 at $13 and its current market cap
is ~$2.2 bln
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))