Question: Boronia Ltd, a tech firm in Sydney, issues a $75 million (the gross amount before any costs come off) IPO underwritten at $16 per share.

Boronia Ltd, a tech firm in Sydney, issues a $75 million (the gross amount before any costs come off) IPO underwritten at $16 per share. The offer price to the public is $20 per share. The firm's legal fees, registration fees, and other administrative costs are $550,000. The firm's stock price increases 25% on the first trading day. What is the firm's total cost of issuing the securities? Round your answer to the nearest cents.

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