Suppose that a biotech firm in Pittsburgh raised $$116$ million in an IPO. The firm received $$23$ per share, and the stock sold to the

public for $$25$ per share. The firm's legal fees, SEC registration fees, and other out$-$of$-$pocket costs were $$270,000.$ The firm's stock

price increased $17\mathrm{.}5$ percent on the first day. What was the total cost to the firm of issuing the securities$?$

Excel Template

$($Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have

different values. When using this template, copy the problem statement from this screen for easy reference to the values you've

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the problem.$)$

Total cost of issuing the securities $