Shares of "smart grid" equipment provider Silver Spring Networks (NYSE: SSNI ) advanced nearly 30% on their first day of trading. The stock ended the day at just over $22, or 29% higher than their issue price of $17.
The company's journey to the market was a long one. It first filed the documentation for its IPO roughly a year and a half ago. The issue was extremely successful, with the company distributing 1 million more shares than previously anticipated. All told, 4.75 million shares were sold, raising in excess of $80 million.
Silver Spring Networks was founded in 2002. It has made a loss every year since at least 2008. In 2012, the company's revenue was $197 million and its net loss was just shy of $90 million.