Silver Spring Networks, a smart grid networking company, plans to raise $63m after setting its initial public offering terms to 3.7 million shares being offered at between $16 and $18 per share, according to a recent filing. Existing shareholders Foundation Capital has agreed to purchase another $12 million via a private placement concurrent with the IPO.
Silver Spring reports an $89 million net loss on $196 million in net revenue for 2012, compared to a $92 million net loss on $237 million in net revenue for 2011.
In March last year Silver Springs raised $30m in debt and options, after it signed a strategic partnership with Hitachi. Other previous backers of Silver Spring include construction firm Boldt.
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.