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XYZ used an investment bank to do IPO. In IPO, XYZ sold 1 million shares at $68.45 each. The investment bank charged 7% spread. At

XYZ used an investment bank to do IPO. In IPO, XYZ sold 1 million shares at $68.45 each. The investment bank charged 7% spread. At the end of the 1st day of trading, XYZ stock price closed at $71.79. Calculate the total cost of IPO. That is, what is the sum of direct and indirect cost?

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