Your firm is selling 4 million shares in an IPO. You are targeting an offer price of $ 17.69 per share. Your underwriters have proposed a spread of 6.5 %, but you would like to lower it to 4.5 %. However, you are concerned that if you do so, they will argue for a lower offer price. Given the potential savings from a lower spread, how much lower can the offer price go before you would have preferred to pay 6.5 % to get $ 17.69 per share? The offer price would need to drop to $ nothing