Pinpoint Inc. is going public. The company estimates that the net proceeds from the sale of 10,000,000 shares of common stock in its initial public offering will be approximately $123.3 million, based on the initial public offering price of $14.00 per share, after deducting the underwriting discount and estimated offering expenses payable by Pinpoint. What is the underwriting profit for the investment bank of Pinpoint?

a.

$12.3m

b.

$14.3m

c.

$16.7m

d. $18.2m