The Bostitch Co. has just gone public. Under a firm commitment agreement, Bostitch received $32.70 for each of the 4.17 million shares sold.
The initial offering price was $35.10 per share, and the stock rose to $42.40 per share in the first few minutes of trading. Bostitch paid
$912,000 in legal and other direct costs and $264,000 in indirect costs. What was the flotation cost as a percentage of funds raised?
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