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A company is going public at $16 and will use the ticker XYZ. The underwriters will charge a 7 percent spread. The part of the IPO. The company will also pay $3 million of audit fees, $3.5 million of legal fees, and $600,000 of printing fees. The stock closes the first day at $19. What are the total costs of going public for XYZ as a percentage of the total pre-cost equity value? In calculating the pre-cost equity value, use the closing price of the stock at the end of the first day as the pre-cost equity value. Include underpricing in the calculation of the total costs of the offering. Do not round intermediate calculations. Round your answer to two decimal places. %