Silver Spring Networks Delays IPO
Silver Spring Networks has delayed its much-anticipated IPO until Q4 of this year, peHUB has learned. The smart grid company had been expected to file its S-1 last month and price sometime this summer. A WSJ article suggested that the offering would value Silver Spring at around $3 billion, with Jefferies and Morgan Stanley serving as co-lead underwriters. So what happened? The most likely explanation is that Silver Springs had to recover from fallout of some bad smart meters sold to PG&E in California. Not so much the tech hiccup itself -- Silver Springs quickly corrected the problem -- but rather from the PR mess that resulted from so many customers being over-billed (including some customers who were unaware that smart meters even had been installed).
