Redwood City-Based Silver Springs Networks' IPO Takes Off

It's one of the most important moments in a company's history - the debut of its IPO.

For Redwood City-based Silver Springs Networks, that moment was a good one this week.

Shana Lynch, managing editor of Silicon Valley Business Journal, called the smart grid technology company's debut Wednesday "impressive." 

The company's stock price started off at $17 a share, and ended its first day on the market at $22. The stock's peak price was $22.49.

All in all, Silver Springs sold 4.75 million shares, for a total of $81 million.

Lynch said that was 1 milion more shares than were expected to sell.

Silver Spring runs a hardware and software network that helps utility companies, including PG&E, tap the “smart grid” to help lower costs and optimize energy use. The firm's CEO, Scott Lang, was given the honor of ringing the bell at the start of the New York Stock Exchange's trading day Wednesday.

The Redwood City-San Mateo County Chamber of Commerce congratulated the company in a press release Thursday.

"Congratulations to Redwood City company Silver Spring Networks, who enjoyed huge success on the stock market with its initial public offering yesterday! We are particularly proud that Silver Spring Networks have been Chamber Members since 2010," said interim Chamber CEO Amy Buckmaster. "Through the Chamber's Economic Development Committee, our members learned first-hand about their plans to help utility companies lower their costs and save on energy use."

Silver Spring Networks was founded in 2002, and moved their headquarters to Redwood City in 2007. The company has a number of venture capital backers, including Google Ventures.

Do you know anyone who bought shares of Silver Springs Networks this week? Know any local employees who hit gold? Tell us in the comments.

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