This was asked a year ago but the answer was wrong.

he Raven Co. has just gone public. Under a firm commitment agreement, Raven received $15.40 for each of the 20 million shares sold. The initial offering price was $16.70 per share, and the stock rose to $18.10 per share in the first few minutes of trading. Raven paid $560,000 in direct legal and other costs and $180,000 in indirect costs.

What was the flotation cost as a percentage of funds raised?