Ryde Ltd $($RYD$)$ completed its initial public offer $($IPO$)$ and listed on the Australian Securities Exchange $($ASX$)$ on the $29$th of December $2021.$ Ryde Ltd issued $10,000,000$ new shares in the IPO. The share issue was underwritten in a firm commitment agreement by the underwriter Banco Inversion Ltd$.$ The underwriting fee was $5\%.$ The IPO offer price was set at $$0\mathrm{.}90$ per share. In addition, the company needed to pay ASIC registration fees, listing and legal fees, which were $$200,000$ in total. On the IPO day, the share price increased to $$1\mathrm{.}00$ by the end of the first day of trading. The company had $100,000,000$ shares on issue before the offer $($note that no pre$-$IPO shares were sold via the IPO$).$ Total income and the total number of shares for Ryde Ltd and for two competitors, who both listed on the local stock exchange in $2018,$ are provided below.

Ryde Ltd:

Income $(2021)=$ $$8,000,000$

Number of Shares $=100,000,000$

Competitor's share price $=$ none

Competitor $1$:

Income $(2021)=$ $$18,000,000$

Number of Shares $=170,900,000$

Competitor's share price $=$ $$1\mathrm{.}58$

Competitor $2$:

Income $(2021)=$ $$15,900,000$

Number of Shares $=110,450,000$

Competitor's share price $=$ $$1\mathrm{.}44$

i$.$ Using relative valuation, what is you estimate of the value of Ryde Ltd$?$

ii$.$ Was the offer underpriced or overpriced?

iii.$$ By how much is the offer mispriced $($either under$-$ or over$-$priced$)$ relative to the offer price by the end of the first trading day?

iv$.$ What was the net amount raised by the IPO?

v$.$ Briefly describe the process of an underwritten initial public offer $($IPO$).$

vi$.$ Overall, would you have invested in this IPO? $($Note: outline the reasoning for your decision$).$

vii.$$ Two years after the IPO, Ryde Ltd has $150$ million shares of stock outstanding at a price of $$1\mathrm{.}50$ per share. The company would like to raise more funding through a seasoned equity offering $($SEO$)$ and has announced a rights issue. Every existing shareholder will be sent one right per share of stock that he or she owns. The SEO plan requires $5$ rights to purchase one new share at a price of $$1\mathrm{.}25$ per share. What would be the total amount of money to be raised through the rights offering? What is the value of one right? What is the value of one right per existing share?