Fitbit, Inc. went public in June $2015.$ Please fill in the following figures and analyze their after$-$market price performance. $($Please refer to Bloomberg, Yahoo Finance, or any financial news source to find historical prices.$)$

Date Offer Price FIT Market Price S&P $500$

$\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6/18/15\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6/19/15\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6/22/15\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6/23/15\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6/24/15\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6/25/15\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$7/20/15\_\_\_\_\_\_\_\_\_\_\_\_\_$

$10/19/15\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$1/19/16\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$4/15/16\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6/17/16\_\_\_\_\_\_\_\_\_\_\_\_\_$

a$.$ Estimate the percentage implicit spread $($or initial return for this IPO$)$ two ways: $(1)$ without adjustment for market movement, and $(2)$ by adjusting the raw returns with the market movement. Is there evidence of underpricing or overpricing? Explain why.

b$.$ Estimate the market$-$adjusted returns $($MARs$)$ of this IPO for those investors who bought IPO shares at the offer price. $($Estimate for each day listed above$).$

c$.$ Re$-$estimate the MARs for the IPO for an investor who bought IPO shares at the closing price of day $1.$ Do this only for intervals listed above after the day of offering, $6/18/15.$

Indicate over which intervals an investor realized a gain or loss.

Note: The Index value of the offer day is at the closing of the day before the day of offer, i$.$e$.,$ day $1.$ That is$,$ assume the IPO was offered for sale in the morning of Day $1.$ Prices and index values are at the close of each day. Hence, the price on $6/18/15$ is the closing price of the IPO on the offer day $1.$