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Emily's Flowers is planning an IPO. Its underwriters expect the stock to sell for $14 per share. The direct costs (legal fees, printing, etc.) will

Emily's Flowers is planning an IPO. Its underwriters expect the stock to sell for $14 per share. The direct costs (legal fees, printing, etc.) will be $700,000. The underwriters will charge a 3.5% spread, and they sell enough shares to net $20 million. If the stock price closes the first day at $22, how much cash has the firm left on the table?


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