Friday, July 8, 2011

Silver Spring Networks Files For IPO

Redwood City-based Silver Spring Networks has filed for an IPO, saying that it is looking to raise up to $150M in its IPO. The firm said it has applied to list its stock on the NYSE as SSNI. Silver Spring Networks is a developer of smart grid technology and equipment. The IPO is being underwritten by Morgan Stanley, Goldman, Sachs & Co., Credit Suisse, Jeffries, Piper Jaffray, Stifel Nicolaus Weisel, Baird, Canaccord Genuity, Evercore Partners, and Pacific Crest Securities. The firm is venture backed by Foundation Capital, Kleiner Perkins Caufield & Byers, along with others. Foundation holds about 41 percent of the firm.