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Chegg Goes Public Today at $12.50 per share

 (Image source: appadvice)

Chegg, the online college textbook rental company will begin trading today at the NYSE under the ticker CHGG. Yesterday, the IPO was priced at $12.50 and expected to raise about $187.5 million. The market cap of the company will slightly be above $1.1 billion. Chegg has a catalogue of 180,000 hardcopy textbooks and more than 100,000 electronic textbooks available for rent. Chegg is putting more emphasis on electronic textbooks, which the company sees as the future. According to the prospectus, Chegg is used by 30 percent of college students.