11. Margles Publishing recently completed its IPO. The stock was offered at $14 per share. On the...

Question:

11. Margóles Publishing recently completed its IPO. The stock was offered at $14 per share. On the first day of trading, the stock closed at $19 per share.

a. What was the initial return on Margóles?

b. Who benefited from this underpricing? Who lost, and why?

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Muhammad Salman Alvi

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