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Felton Publishing recently completed its IPO. The stock was offered at a price of $14.99 per share. On the first day of trading, the stock
Felton Publishing recently completed its IPO. The stock was offered at a price of $14.99 per share. On the first day of trading, the stock closed at $19.71 per share. If Felton Publishing paid an underwriting spread of 6.7% for its IPO and sold 14 million shares, what was the total cost (exclusive of underpricing) to it of going public? The total cost of going public was $___million. (Round to one decimal place.)
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