Question: Is this statement correct?: When firm A firstly issued 1 million shares through IPO, firm A raised $10/share so it totally raised $10 million equity

Is this statement correct?: "When firm A firstly issued 1 million shares through IPO, firm A raised $10/share so it totally raised $10 million equity fund. Now the market price for firm A's stock is $50/share, so today firm A raises a total of $50 millions from shareholders." Explain

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