Silver Spring Networks Climbs Nearly 30% on IPO

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Shares of "smart grid" equipment provider Silver Spring Networks advanced nearly 30% on their first day of trading. The stock ended the day at just over $22, or 29% higher than their issue price of $17.

The company's journey to the market was a long one. It first filed the documentation for its IPO roughly a year and a half ago. The issue was extremely successful, with the company distributing 1 million more shares than previously anticipated. All told, 4.75 million shares were sold, raising in excess of $80 million.

Silver Spring Networks was founded in 2002. It has made a loss every year since at least 2008. In 2012, the company's revenue was $197 million and its net loss was just shy of $90 million.

The article Silver Spring Networks Climbs Nearly 30% on IPO originally appeared on Fool.com.

Fool contributor Eric Volkman and The Motley Fool have no position in Silver Spring Networks. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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