(Answered) The wiley oakley co has just gone public under a firm

Finance

The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $21.65 for each of the 6.65 million shares sold. The initial offering price was $23.50 per share, and the stock rose to $30.01 per share in the first few minutes of trading.

The company paid $915,000 in legal and other direct costs and $190,000 in indirect costs.

What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Flotation cost percentage?

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