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Shutterstock prices IPO above estimated range

Shutterstock prices IPO above estimated range

By Reuters | Updated: 11 October 2012 11:35 IST

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Online stock photography provider Shutterstock Inc priced its initial public offering of 4.5 million shares at $17 each, raising $76.5 million, the company said in a statement.

The pricing is above the company's expected price range of between $13 and $15 per share.

The New York-based company owns a library of photographs and illustrations that customers can license and download through subscription deals.

Shutterstock, which plans to list its shares on the New York Stock Exchange under the symbol "SSTK," will use the proceeds for general corporate purposes, including working capital and capital expenditures.

Shutterstock competes with other online providers of images such as iStockphoto, Fotolia and Dreamstime as well as more traditional stock content providers like Getty Images and Corbis Corp.

Private equity firm Carlyle Group LP agreed to acquire Getty Images for $3.3 billion in August.

Morgan Stanley, Deutsche Bank Securities and Jefferies are lead underwriters for the IPO.

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