NEW YORK, N.Y. – Shares of Silver Spring Networks Inc. jumped as much as 32 per cent in their trading debut.
In Wednesday morning trading, the shares rose $4.05, or 24 per cent, to $21.04. They had risen as much as 32 per cent 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.”