Amazon.com issued an initial public offering in May 1997. Prior to its IPO, the following information on shares outstanding was listed in the final prospectus:

Percentage of Shares Outstanding Name and Address Number of Shares Beneficially Owned Prior to Offering After Offering Jeffrey P. Bezos 9,885,000 7.5% 41.4% c/o Amazon.com, Inc. 1516 Second Avenue, 4th Floor Seattle, WA 98101 L. John Doerr 3,401,376 16.4 14.3 Kleiner Perkins Caufield & Byers 4 Embarcadero Center, Suite 3520 San Francisco, CA 94111 Tom A. Alberg 195,000 * * Scott D. Cook 75,000 * * Patricia Q. Stonesifer 75,000 * * All directors and executive officers as a group (14 persons) 15,688,925 72.5 63.5 Total shares outstanding 20,858,702 100.0 . In the IPO, the firm issued 3,000,000 new shares. The initial price was $18.00/share with investment bankers retaining $1.26 as fees. The final first-day closing price was $23.50.

4. Refer back to the IPO of eBay presented in the problems for Chapter 13. What were the fees for eBay as a percentage of funds raised? Does a pattern emerge?