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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