Pricing Stock Issues in an IPO

Zang Industries has hired the investment banking firm of Eric, Schwartz, & Mann $($ESM$)$ to help it go public. Zang and ESM agree that Zang's current value of equity is $$60$ million. Zang currently has $5$ million shares outstanding and will issue $1\mathrm{.}9$ million new shares. ESM charges an $8\%$ spread.how much cash will Zang raise net of the spread $($use the rounded offer price$)?$ Write out your answer completely. For example, $5$ million should be entered as $5,000,000.$ Round your answer to the nearest dollar.