Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hughes Technology Corp. recently went public with an initial public offering in which it received a total of $89.08 million in new capital funding. The
Hughes Technology Corp. recently went public with an initial public offering in which it received a total of $89.08 million in new capital funding. The underwriter used a firm commitment offering in which the offer price was $16.35 and the underwriter's spread was $1.70. Hughes also paid legal and other administrative costs of $1.75 million for the IPO. Calculate the number of shares issued through this IPO. (Enter your answer in millions. Round your answer to 2 decimal places.) Number of shares million
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