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Silver Spring Networks sets terms for $63 million IPO

By: Renaissance Capital
Posted: 2/26/2013 3:55:00 PM
Referenced Stocks: SSNI

Silver Spring Networks, which provides smart grid products and services, announced terms for its IPO on Tuesday. The Redwood City, CA-based company plans to raise $63 million by offering 3.7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Silver Spring Networks would command a fully diluted market value of $789 million.

Silver Spring Networks, which was founded in 2002 and booked $197 million in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol SSNI. Goldman Sachs and Credit Suisse are the joint bookrunners on the deal.