Children gather to watch Manchester United performers outside the New York Stock Exchange on Friday, Aug. 10, 2012 in New York. Shares of soccer club Manchester United made their public debut Friday, edging up slightly as shareholders' enthusiasm for the celebrated team was offset by worry about its debt load and financial performance. (AP Photo/Jin Lee)
Silver Spring Networks shares jump in debut
Published: 02:46:01 PM, Wed 13 March 2013 UTC
NEW YORK (AP) — 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."
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