Silver Spring Seeks Mid-2010 IPO, Valuation of $3B?

The rumors of an impending IPO for smart grid networking darling Silver Spring Networks are now…more detailed rumors. The latest comes from Dow Jones Clean Technology Insight, which reported Friday that Silver Spring has picked a banker for an IPO scheduled for mid-2010, and is aiming at a market valuation of $3 billion. Silver Spring spokeswoman Lisa Magnuson declined to comment on the report, which came from an anonymous source who named Jefferies & Co. and Morgan Stanley (s MS), co-manager of A123 System’s September IPO, as Silver Spring’s banking picks.
Sounds par for the course, when it comes to alleged details on the most poorly kept secret in cleantech. Bloomberg first hinted at a Silver Spring IPO in August, while reporting that CEO Scott Lang was predicting profitability in the third quarter of 2009 and $200 million in revenues some time this year. But that $3 billion valuation figure is about double the rumored $1.5 billion valuation figure that started floating around after Silver Spring bought home energy web display software developer Greenbox Technologies in September for a rumored $20 million.
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