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The companys share price increases 9 per cent on the first

ABC Ltd., a technology company, issues a $12 million IPO providing proceeds to ABC of $3.6 per share, from an offer price to the public of $4 per share. The company's legal fees, ASIC registration fees, and other administrative costs are $336,000. The company's share price increases 9 per cent on the first day. What is the total cost to the issuer of the IPO (in millions of dollars to the nearest three decimal places)?

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Finance Basics: The companys share price increases 9 per cent on the first

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