The Collins Co. has just gone public. Under a firm commitment agreement, Collins received $32.90 for each of the 4.19 million shares sold. The initial offering price was $35.30 per share, and the stock rose to $42.80 per share in the first few minutes of trading. Collins paid $914,000 in legal and other direct costs and $268,000 in indirect costs. (Enter your answer as directed, but do not round intermediate calculations.)

Required:

What was the flotation cost as a percentage of funds raised? (Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)

Flotation cost percentage

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