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Fortune Hotels issues an IPO on a best-effort basis. The companys investment bank requires a pread of 20% of the selling price. Five million shares

Fortune Hotels issues an IPO on a best-effort basis. The companys investment bank requires a pread of 20% of the selling price. Five million shares are issued. The average selling price is expected to be $31 what are the net proceeds per share for issuer? Answer:24.8

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