Shares of common stock to public in initial public offering

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You decide to take your company public by offering a total of 50,000 shares of common stock to the public in an initial public offering (IPO). You hire an underwriter who arranges a full commitment underwriting and suggests an initial selling price of $28 a share with an 8 percent spread. As it turns out, the underwriters only sell 48,500 shares. How much cash will you receive from your IPO?

Reference no: EM13878636

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