Semiconductor firm SiTime stabilizes after $350 mln stock sale

SiTime's SITM.O shares trading around the flat line before the bell after silicon-based timing components maker's follow-on prices

Santa Clara, California-based firm early Thurs said sold 1.75 mln shares at $200 for $350 mln gross proceeds

Offering price is 1.8% discount to stock's last close

SITM shares on Weds fell nearly 16% to $203.75 after co launched the offering late Tues

Co intends to use net offering proceeds for working capital, sales and marketing activities, product development, and capex among other purposes, per the prospectus filing

UBS and Stifel are jt lead bookrunners for offering, joined by Needham and Goldman Sachs

Co has 23.7 mln shares outstanding for $4.8 bln market cap

Through Weds, SITM off 5% YTD, including 33% gain this quarter

Avg rating among 7 analysts is "buy" and median PT is $230, LSEG data reflects