CEO Jason Hayes is looking to take his firm, Bravo Team Security, public by raising $12 million in an IPO. Their investment bank charges the following: 8% underwriting spread for a firm commitment $414,420 in legal fees If 1.1 million shares will be issued to cover the proceeds it needs to fund its future investment, at what price should the IPO be set? (Hint: The offer price must be sufficient to cover the required net proceeds plus all fees and the underwriter's spread. Use this to solve for IPO price.)