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Shutterstock prices IPO at $17, above the range

By: Renaissance Capital
Posted: 10/10/2012 10:16:00 PM
Referenced Stocks: AMBA;ICPT;KYTH;RLGY;SSTK

Shutterstock ( SSTK ), an online marketplace for royalty-free images and videos, raised $77 million by offering 4.5 million shares at $17, above the range of $13 to $15. Shutterstock plans to list on the NYSE under the symbol SSTK. Morgan Stanley, Deutsche Bank and Jefferies acted as joint bookrunners on the deal.

Shutterstock was one of four US IPOs set to debut on Thursday.  Other pricings include Realogy ( RLGY ), the leading US residential real estate services firm owning brands such as Century 21 and Coldwell Banker, Intercept Pharmaceuticals ( ICPT ), a developer of therapies for chronic liver disease, and KYTHERA Biopharmaceuticals ( KYTH ), which is commercializing an injectable treatment for double chins. 

All four pricings came at the high end or the above their respective price ranges, bucking a recent trend of pricing sensitivity with 6 of the last 8 IPOs (75%) pricing at the low end or below their proposed asking prices.  On Wednesday, both chip supplier Ambarella ( AMBA ) and Indian rice maker Amira Nature Foods (ANFI came to market after pricing 40% and 29% below the midpoint of their respective price ranges.  Ambarella closed up only 1%, while Amira finished its first day of trading down 4%.