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3 more Silicon Valley IPOs expected this week
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
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They are among 12 U.S. IPOs that Renaissance Capital reports are lined up in a late-year surge of offerings that saw 15 go public last week, most notably Twitter.
Santa Clara-based Chegg, led by CEO Dan Rosensweig, is the biggest Valley debut of the week. It hopes to raise up to $198.4 million in an offering that could value the company at more than $1 billion.
Chegg, founded in 2005 at Iowa State University, has raised about $200 million in venture funds. Its backers include Insight Venture Partners, Foundation Capital, Gabriel Venture Partners and Kleiner Perkins Caufield & Byers.
The company started out as a classifieds directory and became a textbook rental service after moving to Silicon Valley. It has since become an all-purpose hub for high school and college student needs.
While its revenue is up sharply, growing by 43 percent between 2010 and 2012 to about $213 million, it continues to operate in the red. It posted a $57.2 million loss for the first nine months of this year, compared to a loss of $49 million for all of last year.
CardioDX and Relypsa are part of the biggest IPO sector so far this year — health care. Medical device, pharma and other health-related businesses have accounted for 22 percent of the offerings in the past 12 months, followed by finance with 21 percent and technology with 20 percent.
Redwood City-based Relypsa, led by CEO John Orwin, hopes to raise up to $150 million. It develops drugs that treat cardiovascular and renal disease.
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