Silver Spring Networks, a US-based smart grid networking company backed by Japan-based technology group Hitachi and US peer EMC, has sold 4.75 million shares at $17 each to raise $80.75m at a market capitalisation of $754m.
The company said venture capital firm Foundation Capital bought $12m of shares at its initial public offering price before the opening on the stock New York Stock Exchange at $22 each.
Silver Spring had set its initial public offering terms to 3.7 million shares being offered at between $16 and $18 per share, according to a recent filing. In July 2011, when it said it would list, Silver Spring planned to raise up to $150m.
Silver Spring reported an $89m net loss on $196m in net revenue for 2012, compared to a $92m net loss on $237m in net revenue for 2011.
In February last year Silver Springs raised $30m in debt and options, after it signed a strategic partnership with Hitachi, following the same amount from EMC in December 2011 convertible at $10 per share. In its filing, Silver Spring said: “EMC and Hitachi made significant investments in us pursuant to convertible notes that will convert into [3.77 million] shares of our common stock immediately prior to the closing of this offering.”
Other previous backers of Silver Spring include construction firm Boldt and search engine provider Google’s eponymous corporate venturing unit.
To date the company has raised $207m in funding, $17.4m in series C and $75m in venture funding in 2008, $15m in a D round and $100m in venture funding in 2009 and $64.5m in 2011.
Alongside Foundation as its venture capital firm backers are Kleiner Perkins Caufield & Byers, GSV Capital and Northgate Capital.