Shutterfly Files $92 Million Initial Public Offering
BY Angus Loten
The Inc. 500 company, which is banking on growth in the photo print market, will trade on the NASDAQ.
Shutterfly, a photo website that ranked No. 170 on last year's Inc 500, is going public, the company announced Thursday.
The Redwood City, Calif.-based firm, which was founded in 1999, filed a $92 million initial public offering and will trade on the NASDAQ exchange under the symbol SFLY, according to documents filed with the Securities and Exchange Commission.
In its SEC filing, the company reported revenues of $83.9 million last year and identified the photo print market as its largest growth opportunity, which the company estimates will reach $30 billion overall by 2009.
Other areas of growth include greeting cards, scrapbooks, calendars, and other photo-based merchandise, the company said.