Shutterfly Inc., an internet-based digital photography website, announced on Friday its first public offering of common stock on NASDAQ which will begin trading at $15 per share.
The companyâ€™s initial public offering of 5.8 million shares of common stock will trade under the symbol SFLY on the NASDAQ Global Market. Shutterfly said it expects to receive over $80-million in net proceeds from the offering.
Shutterfly provides a variety of products and services for consumers to manage their digital photographs on-line. With the proceeds, Shutterfly intends to use the net proceeds for general corporate purposes.
According to a statement released by the company, J. P. Morgan Securities Inc. will act as the sole book-running manager for the offering.