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)

Featured Video

Behmor's app controlled coffee maker links to the Web for better brewing

The $329 Behmor Connected Coffee Brewer boasts the guts of an SCAA-approved drip coffee maker melded with a Wi-Fi radio, plus Internet links and mobile app control all in the interest of creating better pots of java.

by Brian Bennett