Techwave corporation sells 15 million solve this general accounting question TechWave Corporation sells 15 million shares of stock in anIPO, with 8 million being primary shares and 7 million beingsecondary shares. The stock was priced at $12.0 per share,and the underwriter charges 7% of the gross proceeds as afee. How much money was raised in the sale?

Step 1:First calculate the gross cash proceeds from the primary issue: Gross cash proceeds = Number…

Answered: TechWave Corporation sells 15 million…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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TechWave Corporation sells 15 million shares of stock in an IPO, with 8 million being primary shares and 7 million being secondary shares. The stock was priced at $12.0 per share, and the underwriter charges 7% of the gross proceeds as a fee. How much money was raised in the sale?