Major textbook provider, Chegg Inc., has recently filed to raise $150 million in a public offering. As of August 14, JPMorgan Chase & Co. is leading the sale. The California-based company is set to be listed on the under the symbol CHGG.
Chegg gained popularity with college students nationwide by offering textbook rentals digitally. Competitors such as Barnes & Noble, Amazon and the e-book format have proven to be formidable opponents in the arena of college textbook rentals. Last year, Chegg had 5 million visitors to its website with only 3.7 million renting books. Chegg is aiming to be more consumer centric with their marketing strategy to increase annual sales.