American textbook rental website Chegg on Wednesday formally submitted to the U.S. Securities and Exchange Commission (SEC) prospectus, plans to raise up to $150 million through initial public offering (IPO).
Chegg prospectus shows that the company plans to list on the New York stock exchange, the stock code is CHGG". Investment bank JP Morgan chase and Bank of America / Merrill Lynch will serve as the lead underwriter of Chegg ipo.
, founded in 2005, is known as the "Chegg" of the Netflix". Chegg belongs to the second generation of e-commerce companies, through low-cost, short-term and national coverage to compete with expensive university bookstores. This destructive pattern quickly attracted a large number of student users. But as of now, the company is still trying to achieve profitability.
, 52 year old Chegg CEO Dan · Rosenzweig Gio (Dan Rosensweig) was the chief operating officer of YAHOO, YAHOO in 2010, he resigned as chief executive officer of Chegg. After joining Chegg, Rosenzweig Gio led the company to digital products transformation, the acquisition of a series of innovative enterprises focused on electronic textbooks, and the introduction of online homework help and quiz forum.
Chegg revenue grew 24% last year to $213 million 300 thousand, but the impact of sales and marketing expenses, as well as research and development spending increases, the company’s net loss expanded to $49 million. Chegg said in the prospectus, the company continues to invest in products to help users, the company is expected to achieve profitability in the short term."
Chegg had previously raised nearly $200 million through loans and financing, investors, including Vc firm Kai Penghua surplus, Foundation Capital and Insight Venture Partners, etc.. In recent months, the board of directors of Chegg digital new directors, including Shutterfly CEO Geoffrey · Housenbold (Jeffrey Housenbold), Marx and Engels vice president Facebook · Levin (Marne Levine) and the 49 San Francisco football team CEO Jed · York (Jed York).
Chegg in accordance with the venture capital assistance act (Jumpstart Our Business Startups, JOBS Act) submitted an initial public offering prospectus. According to the bill, innovative companies will have the right to keep confidential three weeks before the roadshow. Chegg in the market is facing challenges from Amazon, Google, apple and other companies. Although already to