IPO Party

Shutterstock, New York City’s First Tech IPO in Years, Goes Swimmingly

Video

Mr. Oringer (Photo: Twitter)

Yesterday was the first IPO of a New York-based tech company since May’s Facebook fiasco. In fact, it was the first IPO of a New York-based tech company since 2010, says Bloomberg News. Stepping up to try her luck: stock photo marketplace Shutterstock, which debuted on the New York Stock Exchange under the ticker SSTK. Jitters notwithstanding, things seem to have gone respectably well.

Businessweek reports that the company sold 4.5 million shares at $17 a pop, giving the company a market cap of $558.3 million, and they closed up 27 percent, at $21.66.

When Betabeat spoke to founder and CEO Jon Oringer, he sounded pleased as punch. “Everyone at Shutterstock is very excited. I’m excited. It all worked out great,” he said.

In its nine-year history, Shutterstock has sold a whopping 250 million images. Last year it made $120 million in revenue and paid out $30 million to its 35,000 contributors. The company, which has 250 employees, now sells two images every second.  Read More