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Silver Spring Networks Sets IPO Pricing Between $16 And $18

 February 27, 2013 01:15 PM

(By Balachander) Silver Spring Networks, a provider of smart grid technology, plans to sell about 3.7 million shares at between $16 and $18 each in an initial public offering (IPO).

Based on the midpoint of the pricing range, the IPO could raise around $63 million in proceeds and the company would have an initial market cap of roughly $790 million.

The Redwood City, California-based company, which was founded in 2002, offers services such as advanced metering, which allows utilities to automate a number of manual processes; distribution automation, which provides utilities with real-time visibility into the health of the grid;

In addition, the company provides demand-side management, which enables utilities to offer consumers a variety of programs and incentives to use energy more efficiently and reduce usage at times of peak demand.

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For the year ended December 2012, the company posted a net loss of $90 million on revenue of $196.7 million and billings of $304.3 million.

As of December 31, 2012, Silver Spring Networks said its total backlog was $745 million.

The company's stock has been approved for listing on the New York Stock Exchange under the symbol "SSNI."

The underwriters have the option to purchase up to an additional 555,750 shares.

Goldman Sachs and and Credit Suisse are leading the offering.

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