IPO Your firm wishes to raise $10 million of net proceeds by going public. The anticipated aftermarket price (after the IPO) is $23 and the firm plans to issue the new shares at a price that is $3.00 below the anticipated aftermarket price. The underwriter’s fee is 5% of gross proceeds. To achieve this, the net proceeds objectives, the firm will need to issue about 526,000 new shares, and the total cost of the offering will be over $2,500,000. True, false, uncertain. Explain.