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News > Deals
Princeton IPO comes in low
June 18, 2001: 6:53 p.m. ET

Test preparer sells 5.4 million shares at $11 each via JP Morgan Chase
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NEW YORK (CNNfn) - Princeton Review Inc., a provider of test preparation services, came in at the low end of its expected IPO range, raising $59.4 million late Monday.

New York-based Princeton Review sold 5.4 million shares at $11 each, the bottom of its $11-to-$13 price range, via lead under writer J.P. Morgan Chase.

The 19-year old Princeton Review offers classroom-based, print and online products to help students prepare for exams such as the SAT, the GMAT and the LSAT. Princeton Review also receives fees from the books and software it authors which are published by Random House Inc.

The company had $2.9 million losses on $13.1 million revenue for the quarter ended March 31. Princeton Review's major competition comes from Kaplan Inc., which provides similar test prep services.

After the IPO, Random House will hold a near 11 percent stake.

The company will trade Tuesday under the Nasdaq symbol "REVU." graphic

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