Shutterstock has filed plans with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). The company intends to list its stock on the New York Stock Exchange under the symbol “SSTK” and hopes to raise around $115 million through this IPO. The number of shares to be offered and the price range for the offering have yet to be decided.
Shutterstock reported revenue of $120.2 million in 2011 and a profit of just under $21.9 million. The company delivered more than 58 million paid downloads to more than 550,000 customers in 2011.
The company’s image collection includes over 19 million photographs and illustrations and 500,000 videos from more than 350,000 contributors. CEO Jonathan Oringer founded Shutterstock in 2003 with 30,000 images. The company has received venture backing from
Insight Venture Partners and Oringer’s own Pixel Holdings Inc.
The New York-based company told the SEC in a preliminary prospectus that Morgan Stanley, Deutsche Bank Securities and Jefferies were underwriting the IPO.
Shutterstock competes directly with other online stock photography services like iStockphoto, Dreamstime and Fotalia, as well as more traditional services like Corbis and Getty Images. The company offers both subscription plans that give its users access to a set amount of images per day, as well as the ability to buy rights to individual images and videos in its collection.
See the company’s complete S-1 filing
here and other related articles
here,
here and
here.