Sea Grove Beach Corporation Is Executing an Initial Public Offering

question 37

Multiple Choice

Sea Grove Beach Corporation is executing an initial public offering with the following characteristics. The company will sell 12 million shares at an offer price of $20 per share, the underwriter will charge a 7 percent underwriting fee, and the shares are expected to sell for $27.50 per share by the end of the first day's trading. Assuming this IPO is executed as expected.
-Montigo Magic Petroleum Corporation is interested in selling common stock to raise capital for a new oil well.The firm has contacted First Bank of Manhattan,a large underwriting firm,which believes that the stock can be sold for $40 per share.The underwriter also believes,after careful research,that its administrative costs will be 2.75 percent of the sale price and its selling costs will be 2.40 percent of the sale price.If the underwriter requires a profit equal to 1.25 percent of the sale price,how much will the spread have to be in dollars to cover the underwriter's costs and profit?

• A) $0.64
• B) $1.80
• C) $2.16
• D) $2.56

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Definitions:

Art Nouveau

French, “new art.” A late-19th- and early-20th-century art movement whose proponents tried to synthesize all the arts in an effort to create art based on natural forms that could be mass produced by technologies of the industrial age. The movement had other names in other countries: Jugendstil in Austria and Germany, Modernismo in Spain, and Stile Floreale in Italy.

Structural Techniques

Methods or strategies used in architecture and engineering to ensure the stability and durability of a structure.

Antonio Gaudí

A Catalan architect known for his highly individualized and distinctive style, most notably exemplified in the still-incomplete Sagrada Família in Barcelona.

French Sculptor

An artist from France who specializes in the art of sculpting, creating three-dimensional works in materials such as stone, metal, or wood.