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NEW YORK (AP) - Shares of Chegg declined Wednesday in their first day on the New York Stock Exchange.
The stock dropped $1.64, or 13.1 percent, to $10.86 in morning trading.
Chegg, which provides educational products and services, said the initial public offering of 15 million shares priced at $12.50 each. That's above the projected price range of $9.50 to $11.50 per share.
Chegg Inc. raised approximately $187.5 million in the offering.
The company offered 14.4 million shares and a selling stockholder offered 600,000 shares. Chegg won't receive any proceeds from shares sold by the selling stockholder.
The underwriters have a 30-day option to buy up to an additional 2.3 million shares to cover any excess demand.
The stock is trading under the "CHGG" ticker symbol.
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