A company has 20,858,702 shares outstanding. In an IPO, the firm issued 3,000,000 new shares. The initial price was ¢18.00 per share with investment bankers retaining ¢1.26 as fees. The final...

A company has 20,858,702 shares outstanding. In an IPO, the firm issued 3,000,000 new shares. The initial price was ¢18.00 per share with investment bankers retaining ¢1.26 as fees. The final first-day closing price was ¢23.50

i. What were the total proceeds from this offering?

What part was retained by the firm?

What part by the investment bankers?

What percent of the offering is this?

ii. What was the market value of the firm following its first day as a publicly-held company?