Benzinga | Feb 18, 2021 05:36AM EST

Apple Supplier SiTime Raises $190.5M At 9.5% Discount

* SiTime Corporation (NASDAQ: SITM) priced 3 million shares at $127 per share, including 1.5 million shares from selling shareholder MegaChips Corporation (OTC: MEGPF) to raise $190.5 million in a secondary offering.

* The underwriters have a 30-day option to procure up to 0.45 million additional shares.

* The offer price signifies a 9.5% discount to the Wednesday closing price and is estimated to close by February 22, 2021.

* Barclays, Credit Suisse, and Stifel are the joint lead book-running managers for the offering.

* It is worth noting that Apple Inc (NASDAQ: AAPL) accounted for 40% of the company's revenue for FY20.

* SiTime's closing cash stood at $73.5 million at the end of last quarter. Its share price has gained 401% in last year.

* Price action: SITM shares are down 0.27% at $139.90 in the pre-market session on the last check Thursday.