Shares of Online Photo Service Shutterfly Rise Following $81 Million IPO

Authored by Mark Hefflinger on September 29, 2006 - 2:27pm.

Redwood City, Calif. - Shares of Shutterfly rose nearly 4% on the their first day of trading after the Redwood City, Calif.-based online photo service raised about $80.9 million in its initial public offering (IPO). The company priced its 5.8 million shares at $15 each, at the top of its expected range. The seven-year-old company, which lets users upload, edit and share digital photos, is trading on the Nasdaq Global Market under the symbol "SFLY." Since launching its service in late 1999, Shutterfly has fulfilled more than 11 million orders, sold approximately 350 million prints and stored more than 900 million customer photos in its image archives. Shares of the company closed at $15.55.
http://ir.shutterfly.com/releasedetail.cfm?ReleaseID=212704