The IPO of Cement Ltd was successful. 30m shares at 22.1 per share was oversubscribed by 2.0x.

The bank purchased the shares from Cement Ltd for 21 per share. The 1.1 difference being the under-writing fees. The bank took orders for 33m shares. Immediately after the offering the share price rose to 25, and the bank exercised their 10% green shoe option.

How much in total fees and gains did the investment bank make?

a) 36.3

b) 66.0

c) 41.7

d) 39.9

*Correct answer is 36.3 - please provide explanation.