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What was the flotation cost as a percentage of funds raised

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The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, Wiley Oakley received $31.75 for each of the 7.3 million shares sold. The initial offering price was $34 per share, and the stock rose to $43.85 per share in the first few minutes of trading. Wiley Oakley paid $1,350,000 in legal and other direct costs and $210,000 in indirect costs.

What was the flotation cost as a percentage of funds raised? Answer in a percentage, rounded to two decimal places.

Reference no: EM132168999

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