Silver Spring Networks, Inc. has filed the paperwork for an initial public offering with the SEC.  The company intends to raise up to a maximum of $150 million through issuance of common stock.  Upon completion of the offering the company intends to list its shares on the New York Stock Exchange under the ticker symbol “SSNI.”  Terms of the offering are still sketchy at this point.  The S-1 does not specify the number of shares to be issued or estimated pricing.

The company provides networking platform and solutions that enable utilities to transform the power grid infrastructure into a smart grid. The smart grid intelligently connects millions of devices that generate, control, monitor and consume power. It provides timely information and control to both utilities and consumers. Proponents of the technology believe its application to the power grid may transform the energy industry as dramatically as the internet has impacted the computing industry.

Silver Spring generated net revenues of $3.3 million on billings of $196 million in 2009 and more than $70 million revenues on billings of $261 million in 2010.  The company posted a net loss of $113 for 2009 and a net loss of $148 million for 2010.

For the first quarter ending March 31, Silver Spring’s billings grew from $51 million in 2010 to $68 million in 2011.  For the same quarter in 2010 the company posted net revenues of $14.2 million and a net loss of $43.4 million.  For 2011 the company expanded first-quarter revenues to $46.7 million and reduced its quarterly net loss to $33.4 million.

The S-1 lists Morgan Stanley,  Goldman Sachs and Credit Suisse as lead underwriters. It also lists Jefferies, Piper Jaffray, Stifel Nicolaus Weisel, Robert W. Baird & Co., Canaccord Genuity, Evercore Partners and Pacific Crest Securities in the underwriting group.

The full SEC filing is here.

Jim Berdou

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