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The companys share price increases 14 per cent on the first

ABC Ltd issues a $30 million IPO providing proceeds to ABC of $4.5 per share, from an offer price to the public of $5 per share. The company's legal fees, ASIC registration fees, and other administrative costs are $376,000. The company's share price increases 14 per cent on the first day. What is the underwriting cost? (in millions of dollars to the nearest three decimal places)

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Finance Basics: The companys share price increases 14 per cent on the first

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