Shares of networking outfit Silver Spring Networks (SSNI) are up $4.05, or 24%, at $21.05 on their first day of trading, after price at $17, falling from the highest left of the session so far, $22.49.
11-year-old Silver Spring, based in Redwood City, California, markets a line of networking hardware and software to utilities to enable what is known as the “smart grid,” which is meant to “provide two-way communications between the utility back office and devices on the power grid,” based on Internet Protocol.
The company made $196.74 million in revenue last year, and $304 million in billings, and had a nearly $90-million net loss. The company had an adjusted operating profit (Ebtida), of $2 million for the year.
More is available in the S-1 filing.
The deal is led by Goldman Sachs and Credit Suisse, along with Piper Jaffray, Stifel Nicolaus, R.W. Baird, Canaccord Genuity, Evercore Partners, and Pacific Crest.
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