Tags: Silver | Spring | stock | debut

Silver Spring Surges After Raising More Than Sought in IPO

Wednesday, 13 Mar 2013 10:24 AM

 

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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 This material may not be published, broadcast, rewritten or redistributed.

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