On the 25th of November SiTime Corporation (NASDAQ: SITM) announced that it had completed its IPO. The initial public offer was for 4,945,000 of the company’s common stock. The stock went to market at an offer price of $13 per share. The offer price included the underwriters’ full exercise of the share over-allotment option to buy an extra 645k shares.

From this IPO, the company made a net of $57.1 million. The deal was overseen by Barclays Bank and Stifel. The two institutions were the lead book-running managers. Other participants in the deal were Needham & Company, Roth Capital Partners and Raymond James. These companies acted as co-managers of the deal.

Since it went public, this stock has been on an upward trajectory and on Friday, it closed the day at $17.40. In the day, it was trading between a low of $17.09 and a high of $19.00.  Volumes in the day stood at 5,839. However, its aggregate volumes since it started trading stand at 214,042.

About SiTime

SiTime is a timing solutions provider. The company wants to be a tech leader by providing cutting edge performance solutions. It is a leader in the provision of silicon timing products. SiTime has integrated its solutions with customers’ electronic systems and helps them solve even the most complicated timing problems. The company’s goal is to disrupt the timing market that as of 2018, was worth around $7.7 billion. Projections indicate that the industry could hit $10.1 billion in the next 4 years.

As at the time of the IPO, the company stated that, it had generated all its revenues from oscillator systems. Its revenues from this market stand at $3.8 billion, representing a significant amount of the total timing market revenues. The company has its headquarters in Santa Barbara, California and is led by Rajesh Vashist.