3. Goldman Sachs is the underwriter for NewTech's IPO. GS has determined that they will be able to sell shares for $100 each (the IPO price), and have been allocated 20 million shares by NewTech to sell. GS will pay $95/share to NewTech on this initial allocation, for an underwriter spread of $5/share. The IPO also includes a greenshoe provision that allows GS to purchase additional shares (up to 15% of their initial allotment) at the IPO price in the 30 days following the IPO. Assume that GS sells 115% of its initial allotment to clients at the IPO price on the IPO date. 1 a. What is the underwriter's revenue from the entire transaction if the share price following IPO is constant at i. $80 ii. $100 iii. $120