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Moonscape has just completed an initial public offering. The firm sold 4 million shares at an offer price of $10 per share. The underwriting spread was $.60 a share. The price of the stock closed at $14 per share at the end of the first day trading. The firm incurred $400,000 in legal, administrative, and opther 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)

costs as percent of funds raised ____________%

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91944097

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