Shutterstock (SSTK) Sees IPO Price of $13 - $15/Share

Shutterstock, Inc. (NYSE: SSTK) filed an amended registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The company plans to sell 4.5 million shares and sees an offering price of $13 to $15 per share. Shutterstock plans to list on the New York Stock Exchange under the ticker "SSTK."

The offering is being made through Morgan Stanley, Deutsche Bank, Jefferies, RBC Capital, Stifel Nicolaus, and William Blair.

According to the Form S-1 filing: "We have achieved significant growth since our marketplace was launched in 2003. In 2010 and 2011, we generated revenue of $83.0 million and $120.3 million, respectively, representing period-over-period growth of 35.8% and 45.0%, respectively. In 2010 and 2011, we generated Adjusted EBITDA of $21.8 million and $26.5 million, respectively, and Free Cash Flow of $27.6 million and $36.1 million, respectively. In 2010 and 2011, our net income was $18.9 million and $21.9 million, respectively. We are a global business; in 2011, 34% of our revenue came from North America, and 66% came from the rest of the world."

Shutterstock operates a global marketplace for commercial digital imagery.

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