Shutterstock IPO watch: The U.S. commercial digital imagery operator Shutterstock has filed the IPO registration statement with the Securities and Exchange Commission on May 14, 2012. The company intends to trade its common shares on the New York Stock Exchange under the symbol “SSTK”. The company expects to raise funds of up to $115 million in the public offering.
The company intends to use the net proceeds from the Shutterstock IPO for general corporate purposes and acquiring or investing in complementary companies,
Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Jefferies & Company, Inc. are playing the roles of representatives for the Shutterstock IPO. RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Incorporated and William Blair & Company, L.L.C. are working as the co-managers on this deal.
Shutterstock is a global marketplace operator focusing on commercial digital imagery. The global online marketplace brings together users of commercial digital imagery with image creators from around the world. Shutterstock generates revenues from the license of digital content through subscription or usage based purchase options. The company generated revenues of $61.1 million, $83.0 million and $120.3 million for the years ended December 31, 2009, 210 and 2011 respectively. Net incomes for these years were $18.8 million, $18.9 million and $21.9 million, respectively.
Also read: SSTK stock performance on the first trading day.
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Shutterstock IPO