ABC Ltd issues a $48 million IPO providing proceeds to ABC of $5.4 per share, from an offer price to the public of $6 per share. The company's legal fees, ASIC registration fees, and other administrative costs are $461,000. The company's share price increases 8 per cent on the first day. What is the underpricing cost to the company of issuing the securities? (in millions of dollars to the nearest three decimal places; dont use the $ sign eg 7.897)?