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What was total floatation cost as fraction of funds raised

Question:

Lewis Morris Crew spends $350,000 in bureaucratic expenses in their IPO. Their underwriter sells 3 million shares at an offer price of $9.69, charging Lewis Crew 50 cents per share in spread. The stock closes at $12. What was the total floatation cost as a fraction of funds raised?

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Finance Basics: What was total floatation cost as fraction of funds raised

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