Shutterstock Files For $115 Million IPO
Stock image website Shutterstock.com has announced that they have filed a Form S-1 with the Securities and Exchange Commission (SEC). Shutterstock proposed an IPO with a maximum offering price of $115 million. The company is working with Morgan Stanley, Deutsche Bank Securities, and Jefferies as their IPO bookrunners. RBC Capital Markets, Stifel Nicolaus Weisel, and William Blair will be co-managers of the deal.
Shutterstock’s IPO will be used to help the company raise money for corporate purposes. The proceeds will be used for working capital and capital expenditures. They will also used the money to invest or acquire other companies in their market. The company will be on the New York Stock Exchange under the symbol SSTK.
Shutterstock’s revenue for last year was believed to be around $100 million. The company has over 550,000 paying users. Shutterstock appointed four new directors in April: Revlon CFO Steven Berns, former Oracle CFO Jeff Epstein, Bankrate CEO Thomas Evans and News Corp executive Jonathan Miller.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry