UPDATE 1-Shutterstock clicks with investors in market debut

(Adds market cap, updates share price)

Oct 11 (Reuters) - Shutterstock Inc soared as muchas 32 percent in its market debut, a day after the online stockphotography provider priced its shares above its expected range.

The New York-based company had priced its $76.5 millionoffering at $17 per share, 21 percent above the midpoint of itsexpected range.

Shutterstock shares were up 30 percent at $22.11 on the NewYork Stock Exchange in morning trade, valuing the company atmore than $700 million.

Shutterstock is looking to tap into a growing demand foronline images that has also caught the eye of big names likeprivate equity firm Carlyle Group LP , which acquiredGetty Images for $3.3 billion in August.

As the media industry shifts away from print, demand foronline images is expected to rise.

Shutterstock, which has more than 35,000 approved imagecontributors, owns a library of photographs and illustrationsthat customers can license and download through subscriptiondeals.

As of 2011, the company had more than 550,000 customers whocontributed to its revenue, Shutterstock said in a regulatoryfiling.

The company, which recorded revenue of $78.1 million for thesix months ended June 30, is backed by private equity andventure capital firm Insight Venture Partners.

Chief Executive Jonathan Oringer, who owns almost two-thirdof the company, founded Shutterstock in 2003. I t currently hasmore than 20 million images.

Post the offering, Oringer would hold about 57 percent stakein the company.

Shutterstock competes with other online providers of imagessuch as iStockphoto, Fotolia, Dreamstime and Corbis Corp.

(Reporting by Avik Das and Ashutosh Pandey in Bangalore;Editing by Sriraj Kalluvila)

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