Harbour Resources (HR) is contemplating an IPO. Their investment banker has provided the following information. The current risk-free rate in the market is 3%, while the market risk premium is 5%. Publicly traded companies in the same industry have betas ranging from 1.9 to 2.3. HR has paid dividends over the past 8 years and on average they have grown 4% per year. The most recent annual dividend was $3.80. An IPO will provide HR with additional investment capital to expand, so a modest increase in dividend growth to 5% is assumed. Based on the above betas, what might a suitable range of prices be for HR's stock? What conditions would suggest a price at the high or low end of the price range?