Question: JYO Limited issues an IPO, which will be sold on a best-effort basis. The company's investment bank TTR Bank demands a spread of 15 percent

JYO Limited issues an IPO, which will be sold on a

JYO Limited issues an IPO, which will be sold on a best-effort basis. The company's investment bank TTR Bank demands a spread of 15 percent of the offer price, which is set at $32 per share. Ten million shares are issued. However, TTR was overly optimistic and eventually is able to sell the shares for only $28 per share. Requirements: i. Calculate total proceeds for TTR Bank [1 mark] ii. Calculate total proceeds for JYO Limited (1 mark]

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