Shutterstock Prices 4.6M Share Offering at $60.00/Share
Shutterstock, Inc. (NYSE: SSTK), a leading global provider of commercial digital imagery, today announced the pricing of its follow-on offering of 4,600,000 shares of its common stock at a price to the public of $60.00 per share. Shutterstock is selling 1,000,000 shares of common stock in this offering, and certain existing stockholders, specifically Jon Oringer (Founder, CEO and Chairman), the principal stockholder of the company, and Insight Venture Partners, are selling 3,600,000 shares of common stock in this offering. In addition, both Shutterstock and the existing stockholders granted the underwriters an option to purchase up to an additional 690,000 shares of common stock. Shutterstock will not receive any of the proceeds from the sale of shares sold by the selling stockholders.
The principal purposes of this offering are to increase Shutterstock's public float, to increase Shutterstock's capitalization and financial flexibility, and to facilitate an orderly distribution of shares for the selling stockholders. Shutterstock intends to use the proceeds that it receives from the offering primarily for general corporate purposes, including working capital and capital expenditures.
Morgan Stanley, Deutsche Bank and Jefferies are acting as bookrunning managers for this offering. Allen & Company