Wallace Publishing recently completed its IPO. The stock was offered at $$$$14\mathrm{.}45$ per share. On the first day of$$ trading, the stock closed at $$$$18\mathrm{.}21$ per share.

a$.$ What was the initial return on Wallace$?$

b$.$ Who benefited from this$$ underpricing? Who$$ lost, and$$ why?

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Part $1$

a$.$ What was the initial return on Wallace$?$