What was the flotation cost as percentage of funds raised

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Reference no: EM132039153

The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $21.25 for each of the 6.61 million shares sold. The initial offering price was $23.10 per share, and the stock rose to $29.61 per share in the first few minutes of trading. The company paid $911,000 in legal and other direct costs and $186,000 in indirect costs.

What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Flotation cost percentage

Reference no: EM132039153

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