Smart Grid Firm Files for $150 Million IPO

In a filing with the SEC, Silver Spring Networks, a Redwood City maker of “smart grid” hardware and software, said it plans to sell $150 million worth of its shares in an IPO, reports The Mercury News.

Silver Spring, founded in 2002, has raised over $270 million in venture capital from Foundation Capital and Kleiner Perkins and had been widely expected to IPO last year at a rumored valuation of up to $3 billion. The company lost $148.45 million in 2010.

According to a company release, Morgan Stanley & Co. LLC, Goldman, Sachs & Co., and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering. Jefferies & Company, Inc., Piper Jaffray & Co., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., Canaccord Genuity Inc., Evercore Group L.L.C., and Pacific Crest Securities LLC are acting as co-managers.

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