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Felton Publishing recently completed its IPO. The stock was offered at a price of $ 14.81 per share. On the first day of trading, the

Felton Publishing recently completed its IPO. The stock was offered at a price of $ 14.81 per share. On the first day of trading, the stock closed at $ 19.68

per share. If Felton Publishing paid an underwriting spread of 6.9 % for its IPO and sold 66 million shares, what was the total cost (exclusive of underpricing) to it of going public?

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