Smart grid company Silver Spring Network’s long awaited IPO is finally here. On Tuesday night the company priced its IPO at the midpoint of its planned range, at $17 per share, and also made 4.75 million shares available, which is 1 million shares more than the company had originally planned. Silver Spring will raise $81 million in the process.
Selling more shares than expected is good news, as it means that the company had more interest than expected from investors. Silver Spring will start trading on Wednesday morning on the New York Stock Exchange under the symbol SSNI.
The IPO has been over a year and a half in the making, the company first filed to go public back in the Summer of 2011. Back then the maximum IPO was listed as $150 million. Along with the debut today, longtime investor Foundation Capital also plans to purchase $12 million worth of stock at the IPO price in a private placement.
Silver Spring sells wireless networks and smart meters to utilities that can be used to run power grids more efficiently and offer news types of grid services. The company is increasingly looking to sell software and services, and not just infrastructure, to help it boost its margins.
The IPO is one of just a few that has come from a smart grid startup backed by venture capitalists. Foundation Capital owned 32.7 percent before the IPO, while Kleiner Perkins owned 15.6 percent before the IPO.