- Itron (ITRI) completed its acquisition of Silver Spring Networks in January 2018, two American providers of smart meters, grid networks, and software and services. Silver Spring’s Gen5 platform, which provided many of the same features as Itron's OpenWay Riva, has been integrated into a common framework.
Shares opened at $22 on the New York Stock Exchange, 29% above their IPO price, then traded at $21.15 in the minutes after the offering.
Silver Spring sold 4.75 million shares at $17 each, the midpoint of the $16-to-$18 range outlined in registration documents filed with the Securities and Exchange Commission. But the company sold roughly one million more shares than previously expected, and the deal raised $80.6 million, nearly 30% more than expected.
Silver Spring operates a hardware and software network designed to help utility companies create what is known as a "smart grid," or a responsive electrical infrastructure that can provide data on usage to help lower costs and maximize efficiency.
The company provides sensors and relays that are hooked up to power lines, as well as software that helps utilities monitor usage. The company's network can allow power producers to save money through the automation of manual services like meter reading. The smart grid also allows consumers to watch in close to real-time how much electricity they are consuming, allowing for adjustments during pricier peak demand hours. These advanced grids also can integrate renewable energy sources such as rooftop solar panels.
Silver Spring's IPO registration has been on the shelf since July 2011. The 18 months since the company filed its plans with the SEC were difficult for clean-energy IPOs.
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