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Question: abc ltd issues a 15 million ipo providing proceeds to...

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ABC Ltd issues a $15 million IPO providing proceeds to ABC of $2.7 per share, from an offer price to the public of $3 per share. The company's legal fees, ASIC registration fees, and other administrative costs are $275,000. 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; don’t use the $ sign eg 7.897)

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