Back in April, Twitter cofounder Jack Dorsey said he’s “not even thinking” about an IPO, but the company might have other plans. A job listing for a financial reporting manager, with duties that make it sound like the company is past the IPO brainstorming stage, has been floating around LinkedIn. Read More
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
The Savage Beast is back. Pandora just updated its S-1 filing to go public with the Securities and Exchange Commission, upping its market cap from $1.3 billion to $1.9 billion, at $12 a share. Pandora’s underwriters, who include Morgan Stanley, J.P. Morgan and Citi, must’ve realized the company would fetch more on opening day–and realized this sometime in the last week. Read More