Silver Spring Networks IPO watch: The company intends to list its common stock on the New York Stock Exchange under the symbol “SSNI.” The net proceeds from sale of the common shares in the Silver Spring Networks IPO will be used for general corporate purposes, including working capital and potential acquisitions.
Silver Spring Networks provides a leading networking platform and solutions that enable utilities to transform the power grid infrastructure into the smart grid. For the years ended December 2009, 2010 and 2011, the company generated $3.297 million, $70.22 million and $237.05 million, respectively. During the same period, the company posted operating losses of $100.07 million, $145.75 million and $95.23 million each year, respectively. Net loss per share for the corresponding years was $8.48, $9.20 and $5.21, respectively. The company posted a net loss of $18.43 million on revenue of $55.45 million for the three months ended March 31, 2012, compared to a net loss of $33.37 million on revenue of $46.69 million.
Morgan Stanley, Goldman Sachs and Credit Suisse are acting as the lead underwriters for the Silver Spring Networks IPO. Jefferies, Piper Jaffray, Stifel Nicolaus, Robert W. Baird, Canaccord Genuity, Evercore Group and Pacific Crest are working as the co-managers for the Silver Spring Networks IPO.
Silver Spring Networks IPO