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 $92.46 million in new capital funding. The
Hughes Technology Corp. recently went public with an initial public offering in which it received a total of $92.46 million in new capital funding. The underwriter used a firm commitment offering in which the offer price was $19.05 and the underwriter's spread was $1.40. Hughes also paid legal and other administrative costs of $2.85 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.) New capital funding Offer price Underwriter's spread Other administrative costs $ 92,460,000 19.05 1.40 $2,850,000 Complete the following analysis. Do not hard code values in your calculations, and do not round intermediate calculations Number of shares issued
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