Superman Enterprises has just completed an initial public offering. The firm sold 4,250,000 new shares at an offer price of $9.00 per share. The underwritering spread was $1.21 a share. The firm incurred $250,000 in legal, administrative, and other costs.

The cost to the firm of the underwriting spread is $5,142,500.

Suppose that on the first day of trading, the price of Superman's stock is $10.60 per share, and the cost to the firm from the underpricing is $6,800,000.

Given that the cost of the underwriting spread is $5,142,500 and the cost of underpricing is $6,800,000, what are the total costs of the issue to the firm as a percentage of the funds raised (the total amount paid by investors)?