Silver Springs Networks: Your Cheat Sheet to the Coming IPO
Wireless network provider Silver Springs has officially filed its IPO paperwork with the SEC, looking to raise $150 million through a forthcoming public debut. The company will list on the New York Stock Exchange (NYSE:NYX), trading under the ticker (SSNI).
Silver Springs, founded in 2002, has yet to turn a profit from its business operations, reporting annual losses of $40.39 million in 2008, $113.46 million in 2009, and $148.5 million in 2010. Revenues have expanded widely over the same time period, with the company taking in a record $70.22 million last year compared to just $3.3 million in 09′ and $58,000 in 08′. However, the company’s bleak revenue stats are somewhat deceiving, as it expects to cash in on another $422 in deferred revenues on book records as of March 31, 2011.
Silver Springs was expected to IPO as early as 2010, but may have delayed its public offerings due to lagging financial numbers. Morgan Stanley (NYSE:MS), Goldman-Sachs (NYSE:GS) and Credit Suisse (NYSE:CS) will lead the IPO.