Question
The Collins Co. has just gone public. Under a firm commitment agreement, Collins received $32.30 for each of the 4.13 million shares sold. The initial
The Collins Co. has just gone public. Under a firm commitment agreement, Collins received $32.30 for each of the 4.13 million shares sold. The initial offering price was $34.70 per share, and the stock rose to $41.60 per share in the first few minutes of trading. Collins paid $908,000 in legal and other direct costs and $256,000 in indirect costs. (Enter your answer as directed, but do not round intermediate calculations.)
Required: |
How many shares need to be sold? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).) |
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