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What were flotation costs as a fraction of funds raised

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Question - Moonscape has just completed an initial public offering. The firm sold 3 million shares at an offer price of $10 per share. The underwriting spread was $0.70 a share. The price of the stock closed at $16.00 per share at the end of the first day of trading. The firm incurred $400,000 in legal, administrative, and other costs. What were flotation costs as a fraction of funds raised?

Reference no: EM133042406

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