Question
Zimba Technology Corp. recently went public with an initial public offering of 3.1 million shares of stock. The underwriter used a firm commitment offering in
Zimba Technology Corp. recently went public with an initial public offering of 3.1 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds were $7.82 per share and the underwriters spread was 8 percent of the gross proceeds. Zimba also paid legal and other administrative costs of $256,000 for the IPO. Calculate the gross proceeds per share. (Round your answer to 2 decimal places.)
Gross proceeds $ ____________ per share.
Calculate the total funds received by Zimba from the sale of the 3.1 million shares of stock. (Enter your answer in millions of dollars rounded to 3 decimal places.)
Funds received by Zimba $ ___________ m.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started