What was the flotation cost as percentage of funds raised

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Reference no: EM131347652

The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $22.05 for each of the 6.69 million shares sold. The initial offering price was $23.90 per share, and the stock rose to $30.41 per share in the first few minutes of trading. The company paid $919,000 in legal and other direct costs and $194,000 in indirect costs. What was the flotation cost as a percentage of funds raised?

Reference no: EM131347652

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