Birdsville Biosys issues an IPO sold on a best-effort basis. The company's investment bank demands a spread of 18 per cent of the offer price, which is set at $25 per share. Four million shares are issued. However, the bank was overly optimistic and eventually is able to sell the shares for only $23 per share. What are the proceeds for the issuer?

Question 21 options:

1)

$74 million

2)

$92 million

3)

$100 million

4)

$82 million