Problem 13.20

On August 19, 2004, Google completed its IPO of 19.50 million shares to the initial investors at $81.47 per share. The closing price of the stock that same day was $93.29. What was the dollar value of the underpricing associated with the Google IPO? (Round intermediate calculation to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 125.)

Total underpricing was $ million.