Oct 10 Online stock photography provider
Shutterstock Inc priced its initial public offering of 4.5
million shares at $17 each, raising $76.5 million, the company
said in a statement.
The pricing is above the company's expected price range of
between $13 and $15 per share.
The New York-based company owns a library of photographs and
illustrations that customers can license and download through
Shutterstock, which plans to list its shares on the New York
Stock Exchange under the symbol "SSTK," will use the proceeds
for general corporate purposes, including working capital and
Shutterstock competes with other online providers of images
such as iStockphoto, Fotolia and Dreamstime as well as more
traditional stock content providers like Getty Images and Corbis
Private equity firm Carlyle Group LP agreed to
acquire Getty Images for $3.3 billion in August.
Morgan Stanley, Deutsche Bank Securities and Jefferies are
lead underwriters for the IPO.