Hexagon $($HEX$)$ sold $16,000,000$ shares in its initial public offering $($IPO$).$ The estimated price was originally $$12-14$ per share but the

shares were ultimately sold to investors for $$11\mathrm{.}80.$The underwriter fee was $$0\mathrm{.}708$ per share or $6\mathrm{.}0\%$ of the total proceeds.

The shares opened at $$14\mathrm{.}75$ but by the end of the first day of trading they closed at $$14\mathrm{.}10.$ One year later the price had risen to

$$15\mathrm{.}60.$

What was the first day underpricing on the Hexagon IPO?