As we reported last month, smart grid network company Silver Spring Networks is still moving forward with its IPO, and on Tuesday it set the terms for its IPO (hat tip Dana Hull and the San Jose Mercury News). Silver Spring plans to sell 3.7 million shares at a price of between $16 and $18 per share, which at the midpoint would raise $63 million for the company.

That amount is less than half of what Silver Spring originally planned to raise: a maximum of $150 million. The company first filed to go public in the summer of 2011. Longtime investor Foundation Capital also plans to purchase $12 million worth of stock at the IPO price, following the IPO, in a private placement.

We’ll see what price per share Silver Spring eventually lands on before it actually goes public, assuming it does make it out. If…

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