The Raven Co. has just gone public. Under a firm commitment agreement, Raven received $26 for each of the 8 million shares sold. The initial offering...

The Raven Co. has just gone public. Under a firm commitment agreement, Raven received $26 for each of the 8 million shares sold. The initial offering price was $28.86 per share, and the stock rose to $34.05 per share in the first few minutes of trading. Raven paid $1,200,000 in direct legal and other costs, and $300,000 in indirect costs. The flotation cost was