A midsized firm plans to issue 10 million shares during an IPO. The investment banker (underwriter) plans to sell shares at $22.50; however, many investors believe the company should be valued at $32.00 per share. If the underwriter charges a $3 million fee to undertake the IPO, how much will the firm raise in the IPO?

$320,000,000.

$317,000,000.

$225,000,000.

$222,000,000.