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The offer price of the ipo was 16 a share the price paid to

Lee started a firm which he recently took public with a new stock issue of 1 million shares. As the firm's founder he personally owns 1.2 million shares, all of which he owned prior to the new stock issue.

The offer price of the IPO was $16 a share. The price paid to the firm was $14.20 a share and the closing price on the IPO date was $19 a share.

How much of a loss did Lee personally experience due to the IPO's underpricing?

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