Chegg, a leading online textbook rental and educational resource platform company, announced terms for its IPO on Thursday. The Santa Clara, CA-based company plans to raise $158 million by offering 15.0 million shares (4% insider) at a price range of $9.50 to $11.50. At the midpoint of the proposed range, Chegg would command a fully diluted market value of $977 million.
Chegg, which was founded in 2005 and booked $247 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol CHGG. Chegg initially filed confidentially on May 6, 2013. J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal.
