(Answered) Moonscape has just completed an initial public offering the

Finance

Moonscape has just completed an initial public offering. The firm sold 5 million shares at an offer price of $10 per share.

The underwriting spread was $.40 a share.

The price of the stock closed at $15 per share at the end of the first day of trading.

The firm incurred $500,000 in legal, administrative, and other costs.

What were flotation costs as a fraction of funds raised?

(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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