Silver Spring Networks raising $30 million - IPO still on hold

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Silver Spring Networks (SSN) has raised $24 million in the form of debt and options and expects to raise another $6 million, according to a filing submitted Monday with the Securities and Exchange Commission. An IPO has been expected from SSN since last year, but market conditions this year have been far too weak for such a move, GigaOM noted in a news report today.

In a recent analysis of the company, Smart Grid News Chief Analyst Jesse Berst commented that a successful IPO from SSN would "validate the space, quell some of the concerns about a sector slowdown, and improve the prospects of other smart grid companies." But as GigaOM reported, the third quarter of 2011 was "one of the weakest" IPO markets since the end of 2009.

SSN had filed its intent in July to sell up to $150 million in stock in an IPO. In the Monday SEC filing, the company said its billings have dropped because of a reduction in products shipped and "changes in the mix" of products shipped.

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