Silver Spring Networks is a smart grid products company that is headquartered in Redwood City, California. Silver Spring Networks develops software for utilities to improve energy efficiency. The company was founded in 2002 initially in Milwaukee, Wisconsin under a different name. The company ended up taking the name of the street in Milwaukee that their original office was in.
Last night, Silver Spring priced their IPO at the midpoint of their planned range ($17 per share). The company made 4.75 million shares available, which is 1 million more than they had originally planned. Silver Spring should raise around $81 million in this process.
Silver Spring started trading this morning on the New York Stock Exchange with the symbol “SSNI.” Silver Spring filed to go public in summer 2011. Foundation Capital plans to purchase $12 million worth of stock at the IPO price as part of a private placement.