An investment bank acquired $5$M shares of company ABC in its initial offering

for $20$M euros, and it sold them to the public for a price of $5$ euros per share. At

the end of the first day of trading, those shares were listed at $10$ euros per share.

The company did not pay the insurance bank any other costs.

a$.$ Determine the margin made by the bank per each share

b$.$ Determine the underpricing $($in value and in percentage$)$

c$.$ Determine the total costs of this issue as a function of the market value of

shares