Silver Spring Networks, the Redwood City company that’s been a leading player in the smart grid space, finally announced the terms of its long-awaited IPO Tuesday. The company first filed for an IPO in July 2011 and there’s been a lot of chatter about whether this was ever going to happen.
The company plans to offer 3.7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Silver Spring would raise $63 million – far less than the $150 million envisioned two years ago. The company has been approved for listing on the New York Stock Exchange under the symbol SSNI.
In previous regulatory filings, Morgan Stanley was listed as the lead underwriter. Goldman Sachs is now the lead underwriter, and Morgan Stanley is not listed at all.
Silver Spring’s utility customers include Baltimore Gas & Electric, Commonwealth Edison, Florida Power & Light, the Modesto Irrigation District, Oklahoma Gas & Electric Company and PG&E.
Advancing the “smart grid” was all the rage in 2009, when federal stimulus dollars flowed to utilities for smart grid projects. As Silver Spring itself points out in its S-1/A, “the rate of smart grid adoption slowed due to uncertainty surrounding the timing and tax treatment of U.S. government stimulus funding, negative publicity and consumer opposition, and regulatory investigations.”