Given the following case, answer questions 10 to 14 below: Armada Inc. is a leading Lebanese retail company that operates franchise concepts in fashion and accessories. It wants to expand its business internationally. The proposed expansion would require the firm to raise about $20.5 million in new capital. Because Armada currently has a debt ratio of 35% and because current shareholders already have all their personal wealth invested in the company, they would like to sell common stock to the public to raise the $20.5 million. However, the current shareholders want to retain voting control. The estimated pre-IPO value of equity of the company is about 72 million and there are 4.5 million of existing shares of stock held by current shareholders. The investment bank will charge a 7% spread. 10. To net $20.5 million, what is the total value of stocks that must be sold (approximately)? * $7.175 million $19.065 million $20.124 million $22.043 million O None of the above 11. What percentage of shares will the new investors require? 20.25% 21.25% 23.83% 26.52% None of the above 12. How many shares will the new investors require (approximately)? ' O 1,214,065 shares 1,352,520 shares 1,369,740 shares O 1,407,859 shares O None of the above 13. What is the estimated offer price per share? * O $13.54 O $15.91 $15.70 $15.66 O None of the above 14. What is the total post-IPO value of equity? * O $80.890 million $85.140 million O $91.065 million O $92.500 million O None of the above