JSM Financial: Silver Spring Networks seems set to be the year’s biggest clean tech IPO.

March 1, 2010 - PRLog -- Leading California based smart grid networking firm Silver Spring Networks Inc. is on its way to become the latest clean tech company to float on the stock market. According to recent reports by a financial information services company Silver Spring Networks has already selected banks to assist  with the listing.

JSM Financial sources indicate that the company is seeking to raise in the region of $3 billion through the proposed IPO and has appointed among others, Morgan Stanley and Jefferies & Co to underwrite it.

It is believed that the firm is yet to file a prospectus with the U.S. Securities and Exchange Commission.

Silver Spring specializes in networking technologies which measure energy usage in homes and business, improving power grid reliability and efficiency, focusing on smart grid developments, JSM Financial was told. The firm has become a leading player in this rapidly growing market and has already established an order backlog of about $800 million and has secured a multitude of high profile U.S. utility customers including Pacific Gas & Electric, Florida Power & Light and American Electric Power.

Reports indicate that it has already managed to pull in about $255 million in equity banking which includes investment from such well known venture capital companies including Google Ventures and Kliener Perkins Caufield & Byers.

JSM Financial was led to believe that any funds raised through the IPO would be used to help accelerate the development of new demand management technologies and execute the company’s plans for expansion into new areas.

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