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Berkley Corp just sold 2 . 7 million shares through an IPO offering. The shares were offered at $ 1 1 . 7 5 a

Berkley Corp just sold

2.7

million shares through an IPO offering. The shares were offered at $

11.75

a share and all shares were sold. The firm received a total of $

29, 750, 000

for this issue. What was the spread?

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