Chegg IPO falls flat

|By:, SA News Editor

After pricing its 15M-share IPO at $12.50 (above its price range), Chegg (CHGG) opened at $11 and is now trading at $10.70, down 14.4%.

The online textbook rental provider currently has a market cap of $941M. Concerns about e-textbook competition from Amazon, Apple, and Google could be weighing on investors' minds.

S-1, IPO preview