A firm sold $1$ million new shares in the primary market at an offer price of $$10$ per share; investment banks'

underwriting fee is $5\%.$ After the public offering, the firm had $5$ million shares outstanding, and the price of those shares

in the secondary market was $$12.$ The net proceeds from the firm's IPO were

$$60$ million

$$50$ million

$$9\mathrm{.}5$ million

$$12$ million