Silver Spring Networks has had a positive debut--so far--on the New York Stock Exchange today as investors continue to jump at the chance to take a stake in the smart grid networking company.
Shares opened at $22 on the NYSE, 29 percent above the company's initial public offering price. The share price dropped to $20.64 shortly after and has since bobbed up and down, managing to hover around the $21 mark. The company priced its IPO of 4,750,000 shares yesterday at $17 a share, raising $81 million.
That must be heartening for the company's execs and staff, considering there was some doubt if the IPO would ever happen. Silver Spring, which has networked some 15.8 million smart meters and snagged a number of, announced its IPO plans way back in July 2011. In the two years since, greentech companies have struggled, forcing some to shelve their IPO plans.
The upshot? Investors might not be willing to pour money into all things greentech, but they still see smart grid as a worthwhile bet--even companies like Silver Spring, which have yet to post a profit.
Photo: Flickr user Gabriel Allon
This post was originally published on Smartplanet.com