Source: Daily Journal
SiTime, a Santa Clara silicon-based timing solution company, debuted its initial public offering on November 21 with assistance from a team of Pillsbury lawyers. The company is trading on the Nasdaq under the ticker symbol “SITM.”
SiTime reported that it received $57.1 million in net proceeds from the IPO, after paying underwriting discounts and other transaction expenses. The company expects to use the net proceeds from the offering for working capital, sales and marketing activities, product development, general and administrative matters, and capital expenditures. SiTime manufactures oscillators, clock generators and embedded resonators. These products are used for Ethernet switches, computing devices, graphics cards, disk drives and mobile phones. The company’s solutions have been designed into more than 200 applications and has shipped more than 1.5 billion unites to 10,000 customers.
Silicon Valley Corporate partner Davina Kaile led the deal. The team also included Jorge del Calvo, Julie Park, Lana Persaud, Jon Ocker, Cindy Schlaefer, Ben Gibbs, Aaron Hutman, C. Brian Wainwright, Peter Gillon, David Jakopin, Brian Finch, Nancy Fischer and Matthew Rabinowitz.