Textbook Rental Company Files for IPO

Textbook Rental Company Files for IPO

CHEGGIN' OUT THE MARKET: The Wall Street Journal reports that Santa Clara, CA-based textbook rental company, Chegg has filed for an IPO that could raise as much as $150 million. The company filed through the JOBS Act, described by AllThingsD as a "secret filing" that allows private company with less than $1 billion in annual revenue to quietly get a jumpstart on the offering process while minimizing public scrutiny. The proposed ticker symbol: CHGG.

The company has raised an estimated $195 million in venture funding. Chegg also announced the addition of four new board members, including the executives from Shutterfly and the San Francisco 49ers, while it's co-founder, Aayush Phumbhra, is stepping down from the board.

Analysts appear to be ambivalent at best about Chegg's business. Business Insider says "Chegg has never made a profit" from its textbook rental business, although first half 2013 results suggest the company is stemming its hemorrhage of losses. TechCrunch says the company has "lost a total of $170 million to date." The filing paperwork can be found here.

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