Chegg Slides After Textbook Renter IPO Raises $187.5 Million
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Chegg Inc., which rents textbooks and provides digital homework help to college students, tumbled 23 percent in its stock market debut.
The shares fell $2.82 to $9.68 at the close in New York. Chegg, based in Santa Clara, California, and co-founder Aayush Phumbhra sold 15 million shares at $12.50 yesterday, above the offering range, to raise $187.5 million.