Orrick, Herrington & Sutcliffe LLP recently advised Shutterstock, Inc. in the first initial public offering (IPO) for a New York-based technology company in more than two years. Trading on the New York Stock Exchange under ticker symbol SSTK, the company raised $81.8 million in its IPO, which priced at $17 per share (above the proposed range of $13 to $15 per share) and landed the company's market value at more than half a billion dollars. As a further testament to the offering's success, the value of shares increased almost 30% to a value of $21.66 during the company's first day of trading.
Shutterstock is an online marketplace that offers customers more than 20 million high-quality licensed photographs, vectors, illustrations and videos for purchase. Its customers include businesses, marketing agencies and media organizations around the world. The IPO closed on October 16, 2012.
The Orrick team was led by New York capital markets partner Brian Margolis, and consisted of a multi-practice, multi-office group of lawyers including San Francisco capital markets partner Karen Dempsey, San Francisco tax partner Steve Malvey, San Francisco compensation and benefits partner Juliano Banuelos, New York banking and debt capital markets partner Bill Haft, Silicon Valley emerging companies partner Daniel Yost, San Francisco compensation and benefits senior associate Jason Flaherty, New York corporate managing associate David Ruff, San Francisco tax managing associate Kimberly Loocke, New York corporate associate Jonas Robison, New York compensation and benefits managing associate Joyce Chen and New York banking and debt capital markets associate Christelle Dorcil.