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.

What is the correctly valued offer price? Do not round intermediate calculations. Round your answer to the nearest cent.

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