Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Highland, Inc. is offering 100,000 shares in an initial public offering. The underwriters have agreed upon a best efforts offering with an offer price of
Highland, Inc. is offering 100,000 shares in an initial public offering. The underwriters have agreed upon a best efforts offering with an offer price of $30 and a 4 percent spread. The underwriters were able to sell 90,000 shares to the general public. The stock opened at a price of $34 a share on its first day of trading. How much did Highland, Inc. receive from this offering?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started