Moonscape hs jsut completed an initial pblic offering the

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Moonscape hs jsut completed an initial pblic offering. The firm sold 4 million shares at an offer proce of $10 per share. The underwriting spread was $.6 a share. The price of the stock closed at $14 per share at the end of the first day of trading. The firm incurred $400,000 in legal, adminstrative, and other costs. What were flotation costs as a fraction of funds raised?

Reference no: EM13567092

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