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What was the flotation cost as a percentage of funds raised

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Question - The Green Hills Co. has just gone public. Under a firm-commitment agreement, Green Hills received $22.70 for each of the 2 million shares sold. The initial offering price was $25 per share, and the stock rose to $29.50 per share in the first few minutes of trading. Green Hills paid $998,000 in direct legal and other costs and $262,800 in indirect costs. What was the flotation cost as a percentage of funds raised?

Reference no: EM133106073

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