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Company issues an IPO. The company's investment bank demands a spread of 5 per cent of theoffer price, which is set at $5 per share.

Company issues an IPO. The company's investment bank demands a spread of 5 per cent of theoffer price, which is set at $5 per share. 6 million shares are issued. What are the proceeds for the issuer (in millions of dollars to the nearest three decimal places; don't show $ sign or commas eg 18.404)?

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