Chegg Prices IPO At $12.50 A Share

(RTTNews) - Chegg Inc. (CHGG), an online textbook rental company, Tuesday said it priced its initial public offering of 15 million shares at $12.50 per share. It is above the previous range of $9.50 to $11.50 per share.

The company has raised about $187.5 million in the IPO. Chegg will begin trading on the New York Stock Exchange under the ticker symbol 'CHGG' on November 13.

In the IPO, 14.4 million shares were offered by Chegg and 600 thousand shares were offered by a selling stockholder. In addition, the underwriters have a 30-day option to purchase up to 2.25 million additional shares from Chegg to cover over-allotments, if any.

Chegg is an academic company based in Santa Clara, California, that specializes in online textbook rentals (both in physical and digital formats), homework help, and scholarships through Zinch.