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QUESTION
Barnegat Light sold 180,000 shares in an initial public offering. The underwriter's explicit fees were $66,000.
Barnegat Light sold 180,000 shares in an initial public offering. The underwriter's explicit fees were $66,000. The offering price for the shares was $36, but immediately upon issue, the share price jumped to $49. What is the best estimate of the total cost to Barnegat Light of the equity issue?
