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 New York Stock Exchange 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.
I thought this was a fantastic idea. Poor Chegg…..up against the Giants!