Silver Spring Networks ipo shares prices opened at $22

Silver Spring Networks ipo shares prices opened at $22 march 13 2013 : Silver Spring Networks (NYSE: SSNI), a provider of smart grid technology, priced its initial public offering (IPO) of 4.75 million shares at $17.00 each, raising $81 million.

The company had earlier planned to sell about 3.7 million shares at between $16 and $18 each in the offering. On Wednesday, shares opened at $22 on their public debut, nearly 30 percent above their IPO price.

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.

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 underwriters have the option to purchase up to an additional 712,500 shares. Goldman Sachs and and Credit Suisse are leading the offering.