Determine the floatation cost of funds raised

Reference no: EM1364055

Lewis Morris Crew spends $350,000 in bureaucratic expenses in their IPO. The underwriter sells 3 million shares at an offer price of $9.63, charging Lewis Morris Crew 50 cents per share in spread. The stock closes at $12. What was the floatation cost as a fraction of funds raised?

Reference no: EM1364055

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