Feldon Inc has just gone public! Under a firm commitment agreement Feldon got $29.75 for each of the 6,300,000 shares sold. The IPO price was $32.50 and the stock closed at $37.75 on the 1st day of trading. Feldon paid $1.200,000 in legal & other direct costs plus $315,000 of indirect costs. What was the flotation cost as a % of funds raised?