Shutterfly goes public

Shares of Shutterfly Inc. (SFLY), an Internet-based photo storage and printing service, rose as much as 12 percent in their first day of trading. Shares of the Redwood City-based company gained 25 cents, or 1.7 percent, to $15.25 at 2:24 p.m. in Nasdaq Stock Market composite trading after reaching $16.73. Shutterfly sold 5.8 million shares in an initial public offering at $15 each.

As consumers print more digital images on their computers, several companies now offer Web-based services to store, edit and print photographs. Among the biggest are Eastman Kodak Co.'s EasySha re Gallery, Hewlett-Packard Co.'s Snapfish, and Shutterfly.

In the era of web 2.0 image sharing, manipulating and storing, including Flickr, it is pretty much surprising fact that this company has raised more than $87M from the public market.