What was the flotation cost as a percentage of funds raised

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Reference no: EM131300305

The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, Wiley Oakley received $21.75 for each of the 6.66 million shares sold. The initial offering price was $23.60 per share, and the stock rose to $30.11 per share in the first few minutes of trading. Wiley Oakley paid $916,000 in legal and other direct costs and $191,000 in indirect costs. (Enter your answer as directed, but do not round intermediate calculations.)

Required: What was the flotation cost as a percentage of funds raised? (Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)

Reference no: EM131300305

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