Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ABC Ltd, a high-technology company, issues a $17 million IPO with an offer price of $3 per share, underwritten at $2.82 per share. The company's
ABC Ltd, a high-technology company, issues a $17 million IPO with an offer price of $3 per share, underwritten at $2.82 per share. The company's legal fees, ASIC registration fees, and other administrative costs are $330,000. The company's share price increases by $0.45 on the first day. What is the company's total cost of issuing the securities (in millions of dollars to three decimal places; dont use $ sign eg $4.5766 million is 4.577)? (Remember to round the number of shares issued to a whole number)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started