Shutterfly To Go Public
Shutterfly, an Internet-based social expression and personal publishing service, filed to go public with the U.S. Securities and Exchange Commission.
According to MarketWatch, Shutterfly plans to raise up to $92 million from the IPO, trading on the Nasdaq under the symbol SFLY.
A dotcom bust surviver, Shutterfly began as an Internet photo-printing service. The company expanded its services to include photo sharing as well, attracting 4.1 million visitors in May.
According to Tom Taulli at bloggingstocks.com, the company’s revenues showed a sharp spike between 2003 and 2005, more doubling from $31.3 million in annual revenue to $83.9 million.
“Up until now, online photo companies have been selling out to major companies, like Yahoo! (bought Flickr) and Google (bought Picasa). In other words, Shutterfly faces intense competition,” wrote Taulli.
The company says Goldman, Sachs & Co. will serve as sole book-running manager for the offering, with J.P. Morgan Securities Inc. acting as joint-lead manager, and Piper Jaffray & Co. and Jefferies &
Company, Inc. acting as co-managers.