Selkirk Electronics completed an IPO that was sold on a best-effort basis. The companys investment bank recieved a spread of 7 percent of the offer price, which was set at $24 per share. Two million shares were issued; however, the bank was overly optimistic and eventually was able to sell the stock for an average price of $23.60 per share.

What were the proceeds for the issuer?

What were the proceeds for the underwriter?