The American Investment bank Goldman Sachs went public in 1999. The underwriters acquired a total of 69 million shares for $64.00 and sold them to the public at an offering price of $64.00. The firm also paid a total of $9.2 million in legal fees and other costs. By the end of the first day's trading Goldman Sachs prices had risen to $70.00.

A.What were the direct costs of the issue

B.What were the costs of underpricing?

A.What were the Flotation Costs as a proportion of the market value of the shares?