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What was the average per share price at which the shares

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Reference no: EM132381748

Fortune Hotels issues an IPO sold on a best-efforts basis. The company's investment bank demands a spread of 10 percent. Five million shares are issued. However, the bank was overly optimistic and could not sell at the offer price of $42. The net proceeds to the issuer were $180 million. What was the average per share price at which the shares were sold?

Reference no: EM132381748

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