Ernst & Young wants to do an IPO and raise $15 million to redo its IT network. Management estimates the issue will cost the firm $926,250 for SEC fees, accounting and legal fees. The investment banks agreed to a spread of 6 percent and the issue price is $25 per share. How many shares of stock must be sold if the firm is to have sufficient funds remaining after costs to purchase all of the desired equipment?

• 677,713 shares

• 582,139 shares

• 647,666 shares

• 521,121 shares

• 608,010 shares