Please give me the answer with a detailed explanation.

Buffalo Corporation sold 8 million shares in an IPO. The market price of Buffalo at the time was $39 per share. Of the 8 million shares sold, 5 million shares were sold by the company by way of primary offering, and the remaining 3 million shares were being sold by the venture capital investors by way of secondary offering. Assume the underwriter charges 6% of the gross proceeds as an underwriting fee. How much money did the venture capitalists receive?