Allied Corporation offers 40,000 shares of common stock to the public in an initial public offering (IPO). The underwriters agree to provide their services in a best efforts underwriting. The offering price is set at $28. The gross spread is $3. After completing their sales efforts the underwriters determine that they were able to sell a total of 36,750 shares. 

How much cash did Allied Corporation receive from their IPO?

Answer rating: 100% (QA)

The gross spread is 3 per share and the underwriters were a... View the full answer