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ABC Company used an investment bank to do IPO. In IPO, the company sold 32,494 shares at $65 each. The investment bank charged 6% spread.

ABC Company used an investment bank to do IPO. In IPO, the company sold 32,494 shares at $65 each. The investment bank charged 6% spread. At the end of the 1st day of trading, ABC's stock price closed at $103.

What is the indirect cost of the IPO to the company?

Do not enter $ in the answer box.

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