(Calculating flotation costs) Greggs Furniture specializes in bespoke furniture for households and businesses. The business is run and owned by two friends who own 50 percent of the company each. They have been very successful in recent years owing to the housing boom in China, where they have a number of buyers. As the demand for their products is growing, there is an immediate need to expand production capabilities of medium-density fiberboard (MDF). They are planning to build a new automated factory in Poland as it is close to wood suppliers and has skilled labor available at competitive prices. The cost of the factory is expected to be €180 million. The directors of Greggs Furniture are planning an IPO to raise the required capital. Their investment banker has suggested that the flotation costs are likely to be 12 percent. What will the size of the IPO to raise the required capital be?