NEW YORK (AP) — Shares of Shutterstock jumped nearly 30 percent in their first hours of trading, after the Internet provider of stock photos and videos raised $76.5 million in its initial public stock offering.
The New York company, which was one of four IPOs to price on Thursday, sold 4.5 million shares for $17 each, above the expected range of $13 to $15. The pricing indicated there was already strong demand for its stock.
Shutterstock offers commercial digital imagery, which includes licensed photographs, illustrations and videos. These images are then used by businesses for their web sites, market materials, books and other uses. Shutterstock also owns Bigstock, a stock agency that offers credit and pay-as-you-go purchase options.
The company said in filings that it plans to use the offering's net proceeds for general corporate purposes, including capital expenses and working capital. It also may also use all or some of the funds for acquisitions or investments in other businesses, products or technologies.