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Felton Publishing recently completed its IPO. The stock was offered at a price of $16.00 per share. On the first day of trading, the stock
Felton Publishing recently completed its IPO. The stock was offered at a price of $16.00 per share. On the first day of trading, the stock closed at $19.00 per share. What was the initial return on Felton? Who benefited from this underpricing? Who lost, and why? What was the initial return on Felton? The initial return was %. (Round to one decimal place.)
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