What was the flotation cost as a percentage of funds raised

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The Bostitch Co. has just gone public. Under a firm commitment agreement, Bostitch received $32.70 for each of the 4.17 million shares sold. The initial offering price was $35.10 per share, and the stock rose to $42.40 per share in the first few minutes of trading. Bostitch paid $912,000 in legal and other direct costs and $264,000 in indirect costs.

What was the flotation cost as a percentage of funds raised?

Reference no: EM13280320

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