What was the total cost to firm of issuing the securities

Reference no: EM13265787

Suppose that a biotech firm in Pittsburgh raised $124 million in an IPO. The firm received $23 per share, and the stock sold to the public for $25 per share. The firm's legal fees, SEC registration fees, and other out-of-pocket costs were $641,000. The firm's stock price increased 17.5 percent on the first day. What was the total cost to the firm of issuing the securities?

Reference no: EM13265787

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