Question: Stock Renee s Boutique Inc needs to raise 58 million to
Stock Renee’s Boutique, Inc. needs to raise $58 million to finance firm expansion. In discussions with its investment bank, Renee’s learns that the bankers recommend an offer price of $33.75 per share and that 1.8 million shares of stock be sold. If the net proceeds on the stock sale leaves Renee’s with $58 million, calculate the underwriter’s spread on the stock issue.
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