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What were the proceeds for the issuer and the underwriter

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Reference no: EM132962464

Question - Bellex Technologies agreed to complete its IPO on a best-effort basis. The company's investment bank demanded a spread of 14 percent of the offer price, which was set at $28.50 per share. Three million shares were issued; however, the bank was overly optimistic and eventually was able to sell all of the stock for only $24.60 per share. What were the proceeds for the issuer and the underwriter?

Reference no: EM132962464

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