Wednesday, February 27, 2013

Silver Spring Networks Sets IPO Pricing Range

Redwood City-based Silver Spring Networks, the venture backed develops of smart grid software for the utility industry, has set the estimated pricing range for its IPO. According to a filing from the firm late yesterday, it estimates that the IPO price per share for its stock will be between $16.00 and $18.00. The firm is offering up 3,705,000 shares of its stock, and says it has been approved to list on the NYSE as SSNI. Silver Spring is venture backed by Foundation Capital and Kleiner Perkins Caufield & Byers. Its IPO is being underwritten by 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.