S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Infrastructure

Strong IPO Debut for Silver Spring Networks

Photo of Jon C. Ogg
By Jon C. Ogg Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Hand plugging ethernet cable into wall socket
Thinkstock
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.

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

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. a673b.bigscoots-temp.com.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

Fed’s Rate Freeze Could Sting for Social Security Recipients
Maurie Backman |

Fed’s Rate Freeze Could Sting for Social Security Recipients
'Convert $100,000 a Year to Get Them to the Top of the 22%': The Roth Plan for a Couple With $2.3M in 401(k)s
Jeremy Phillips |

'Convert $100,000 a Year to Get Them to the Top of the 22%': The Roth Plan for a Couple With $2.3M in 401(k)s

Continue Reading

Jon C. Ogg |

ARIAD Secures Much-Needed Capital for Trials, Commercialization, and Growth (ARIA)

ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) is raising cash to help support the commercialization of ponatinib in patients with resistant or…
US Foods the Second Highest IPO of the Year
Chris Lange |

US Foods the Second Highest IPO of the Year

US Foods has entered the market with this year’s second largest initial public offering (IPO).
Trey Thoelcke |

MPLX IPO Off to a Strong Start

MPLX L.P. (NYSE: MPLX), a subsidiary of Marathon Petroleum Corp. (NYSE: MPC), began trading today. The company had priced its…
Jon C. Ogg |

Alnylam Secondary Plays Out (ALNY)

Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) took a rather sharp beating yesterday on word that it was going to have a…
Jon C. Ogg |

Alon USA Partners Sees IPO Premium

ThinkstockAlon USA Energy Inc. (NYSE: ALJ) is enjoying a gain for its Alon USA Partners L.P. (NYSE: ALDW) initial public…
Jon C. Ogg |

Gigamon IPO Debuts with Strength, Muted Pricing

Frank Golhen, via Wikimedia CommonsGigamon Inc. (NYSE: GIMO) is the latest initial public offering (IPO) to hit the market. The…
Jon C. Ogg |

PP&L Gets Strong Secondary Offering (PPL)

If you have been following the merger trends in utilities, this secondary offering may be of little surprise.  PP&L Corporation…
Paul Ausick |

City Office, Paycom IPOs Get No Traction

ThinkstockTwo initial public offerings delayed from last week priced on Monday and began trading Tuesday morning. Both priced well below…
Paul Ausick |

Cvent: Friday’s Main IPO Event Is a Knockout

ThinkstockCloud-based enterprise event management software provider Cvent Inc. (NYSE: CVT) sold 5.6 million shares of stock today at $21 a…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618