Question: When Global Pharma went public in July 2009, the offer price was $28.50 per share and the closing price at the end of the first

When Global Pharma went public in July 2009, the offer price was $28.50 per share and the closing price at the end of the first day was $26.85. The firm issued 3.6 million shares. What was the loss to the company’s stockholders due to underpricing?

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