Silver Spring Surges After IPO Raises 21% More Than Sought
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Silver Spring Networks Inc., the maker of networking equipment for smart electricity grids, surged in its first day of trading after raising 21 percent more than planned in a U.S. initial public offering.
The stock rose 29 percent to $22 at the close in New York. Redwood City, California-based Silver Spring yesterday raised $80.8 million selling 4.75 million shares for $17 each. The company had offered 3.71 million shares, equivalent to an 8.4 percent stake, for $16 to $18 apiece.