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Square (SQ) sold 27,000,000 shares in its initial public offering (IPO). The estimated price was originally $11$13 per share but the shares were ultimately sold to investors for $9.00.The underwriter fee was 50.495 per share or 5.5% of the tatal proceeds. The shares opened at $11.20 but by the end of the first day of trading they closed at $12.85. One year later the price had fallen to $12.16. What was the first day underpricing on the Square IPO? Enter your onswer as a percentage rounded to two decimols. Do not punctuote with a percent sign. For example, if your answer is 10.6631 14, enter 10.67