Strong IPO Debut for Silver Spring Networks
ThinkstockSilver Spring Networks Inc. (NYSE: SSNI) is another strong debut for initial public offerings in 2013. Shares opened up 29% at $21.15, versus the price of $17.00 per share. Silver Spring sold only 4.75 million shares in the offering, and…
Silver Spring Networks Inc. (NYSE: SSNI) is another strong debut for initial public offerings in 2013. Shares opened up 29% at $21.15, versus the price of $17.00 per share. Silver Spring sold only 4.75 million shares in the offering, and the price range was $16 to $18 per share. Even the number of shares was about 1 million more than expected.
This IPO was important because it has been on the books for about eight months. Silver Spring operates a hardware and software network platform that is designed to help utilities create and operate a smarter grid that allows for more remote monitoring of meters and allows consumers to see their power consumption.
Goldman Sachs and Credit Suisse were the joint book-running managers, and co-managers were listed as Piper Jaffray, Stifel Nicolaus, Robert W. Baird, Canaccord Genuity, Evercore Group and Pacific Crest Securities. The underwriters have a 30-day overallotment option to purchase up to an additional 712,500 shares at the same terms as the IPO. It is a safe assumption that the underwriting syndicate exercised its overallotment option.
Silver Spring has traded some 2.8 million shares, and the stock is trading at $21.00 as of 10:25 a.m. EST.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
