Shares of common stock to public in initial public offering

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Reference no: EM131868018

Allied Corporation offers 40,000 shares of common stock to the public in an initial public offering (IPO). The underwriters agree to provide their services in a best efforts underwriting. The offering price is set at $28. The gross spread is $3. After completing their sales efforts the underwriters determine that they were able to sell a total of 36,750 shares. How much cash did Allied Corporation receive from their IPO?

Reference no: EM131868018

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