Pricing Stock Issues in an IPO Dode Industries has hired the investment banking firm of Eric, Schwartz, \& Mann (ESM) to help it go public. Dode and ESM agree that Dode's current value of equity is $59 million. Dode currently has 5 million shares outstanding and will issue 1.9 million new shares. ESM charges a 7% spread. What is the correctly valued offer price? Do not round intermediate calculations. Round your answer to the nearest cent. How much cash will Dode raise net of the spread (use the rounded offer price)? Round your answer to the nearest dollar: $