Tags: Silver | Spring | stock | debut

Silver Spring Surges After Raising More Than Sought in IPO

Wednesday, 13 Mar 2013 10:24 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Shares of Silver Spring Networks Inc. jumped as much as 32 percent in their trading debut.

In Wednesday morning trading, the shares rose $4.05, or 24 percent, to $21.04. They had risen as much as 32 percent to $22.49 earlier in the session.

Earlier, the Redwood City, Calif.-based company sold 4.8 million shares of common stock in its IPO for $17 each, resulting in proceeds of about $807.5 million. The offering's underwriters also have a 30-day option to buy up to an additional 712,500 shares at the IPO price.

Silver Spring provides a networking platform and services that help utilities upgrade their power grid infrastructure. Its shares are trading on the New York Stock Exchange under the symbol "SSNI."

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved