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Shutterstock Inc., the online seller of stock photos and images, filed to raise $115 million in a U.S. initial public offering.
Shutterstock applied to list on the New York Stock Exchange under the symbol SSTK, according to a regulatory filing today. The New York-based company didn’t say how many shares it’s offering or at what price. The $115 million is a placeholder used to calculate registration fees and may change.
Shutterstock generated revenue from more than 550,000 active users in 2011 and has a library of more than 19 million images for sale, the filing shows. The site collects pictures from contributors, who receive fees when their material is downloaded by paying customers.
The company, led by Chief Executive Officer Jonathan Oringer, posted $120.3 million in sales last year, a 45 percent increase. Net income rose 15 percent to $21.9 million, its filing shows.
Oringer is Shutterstock’s largest shareholder, and Insight Venture Partners also has a stake, the filing shows, without specifying percentages. Morgan Stanley, Deutsche Bank AG and Jefferies Group Inc. are leading the offering.
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