Question: ABC Ltd issues a $32 million IPO providing proceeds to ABC of $3.6 per share, from an offer price to the public of $4 per

ABC Ltd issues a $32 million IPO providing proceeds to ABC of $3.6 per share, from an offer price to the public of $4 per share. The company's legal fees, ASIC registration fees, and other administrative costs are $281,000. The company's share price increases 13 per cent on the first day. What is the underpricing cost to the company of issuing the securities? (in millions of dollars to the nearest three decimal places; dont use the $ sign eg 7.897)

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