Online stock photography company Shutterstock, which filed for an IPO in May, has today filed its S-1. It will be offering 4,500,000 shares, pricing them between $13-15, the document revealed today. But while initially the company had planned to raise up to $115 million — as noted in documents filed days before Facebook went public — today it appeared to be singing a different tune. With shares priced at $14, “We estimate that the net proceeds to us from this offering will be approximately $54.2 million.” In other words, about half of the originally intended amount.
That price could go up to $77,625,000 if shares trade at $15. It also notes that it has granted the underwriters the right to purchase up to 675,000 additional shares of common stock to cover over-allotments.
To date, Shutterstock has seen 250 million paid downloads of 20 million images in its photo library, used in publishing books, eBooks, magazines and news articles. Its active users are spread across 150 countries and its 35,000-plus contributors are on average uploading over 10,000 photos every day, with some 550,000 paying customers, paying on average $2 per image.
Shutterstock doesn’t give current revenue figures in the S-1 but notes that in 2011 revenues were $120 million.
Although the rise and fall of Facebook may have had something to do with the change in price for the IPO, which would have been filed in those days leading up to Facebook’s — the day Shutterstock filed for an IPO, May 14, was the same day that news leaked out of a Greenshoe option for Facebook of up to 50.6 million additional shares to capitalize on demand — there are likely other factors at work here.
For starters, the earlier S-1 noted that average photo prices were $3 per image. Today’s S-1 revises that down to $2, meaning it could be a case of less revenue — as well as less hype fuelling this correction.