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snapchat is about to issue 10 million new shares in an IPO. The IPO price has been set at $40 per share, and the underwriting

snapchat is about to issue 10 million new shares in an IPO. The IPO price has been set at $40 per share, and the underwriting spread is 10%. The IPO is a big success with investors, and the share price rises to $60 on the first day of trading. The amount that snapchat raised during the IPO is closest to:

a. $10 million

b. $40 million

c. $400 million

d. $360 million

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