How much cash will baker co receive from its ipo, Finance Basics

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How much cash will baker co receive from its ipo

Problem

Montalcino Co. has decided to take the company public by offering a total of 100,000 shares out of common stock to the public. The firm has hired Goldman Sachs, which arranges the best-effort underwriting and suggests an initial offer price of $20 per share with a 7 percent gross spread. As it turns out, the underwriters only sell 80,000 shares. How much cash will Baker Co. receive from its IPO?

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