What was the total cost to the firm

Reference no: EM13268201

Suppose that a biotech firm in Pittsburgh raised $115 million in an IPO. The firm received $23 per share, and the stock sold to the public for $25 per share. The firm's legal fees, SEC registration fees, and other out-of-pocket costs were $473,500. The firm's stock price increased 17.5 percent on the first day. What was the total cost to the firm of issuing the securities? (Round intermediate calculations to 3 decimal places, e.g. 15.257 and final answer to nearest whole dollar, e.g. 5,275.)

Reference no: EM13268201

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