16.

16. An IPO was priced to sell at $23 a day of trading. The underwriting administr a share and closed at $25 a share at the end of the first spread was $1 per share, and the legal, accounting and floatation cost of the ative costs were $1.6 million. What was the total percentage of the market value at the end of the first day if 250,000 shares were offered? A. 38.87% B. 37.60% C. 42.08% D. 36.41%