A company is going public at $16 and will use the ticker xy2. The underwriters will charge a 7 percent spread. The company is issulng 16 million shares, and insiders will continue to bold an additional 32 million shares that will not be part of the IPO. The company will also pay $2 milion of audit fees, 52.5 milion of legal fees, and $300,000 of printing fees. The stock doses the fist day at $20. What are the total costs of going Dubllc for XYz as a percentage of the total pre-cost equity value? in calculating the pre-coit equity value, use the ciosing price of the stock at the end of the first day as the pre-cost equity value. Include underpricing in the calculation of the total costs of the offering. Do not round intermediate calculations. Round your answer to two dedmal piaces