Academic startup Chegg aims for $172.5 million in IPO
The company plans to price its shares between $9.50 and $11.50 when it goes public.
Move over, Twitter -- there's another Web startup looking to raise some serious cash in an initial public offering.
Chegg, the online startup that provides both study guides and a service to rent textbooks, has revised a prospectus, indicating that it plans to price its shares between $9.50 and $11.50 when it goes public. If Chegg can go off at the top of that range, it'll raise $172.5 million in its IPO. Chegg also has reserved the right to sell an additional $26 million in shares if shares are oversubscribed.
Chegg is decidedly in the shadow of Twitter's major IPO. Still, if the company can land within the share range it's proposed, its value could near $1 billion.
Chegg didn't say in its revised prospectus when it plans to go public, but its sharing of a price range indicates it'll happen sooner rather than later.
(Via The New York Times)