On April 27, 2018, DocuSign, a California company that…

On April 27, 2018, DocuSign, a California company that provides technology to enable digital signatures on important documents, conducted its initial public offering (IPO) of common stock. In the primary trading market the company’s shares were priced at
per share, but after one day of trading on Nasdaq, the share price closed at
The company sold
million shares in the offering.
a. To what extent (in dollars and on a percentage basis) was DocuSign’s stock underpriced in its IPO?
b. How much cash (before deducting fees to investment banks) did DocuSign raise? How much more would it have raised if the shares had not been underpriced?
Question content area bottom
Part 1
a. DocuSign’s stock was underpriced on its IPO by
$enter your response here.
(Round to the nearest cent.)

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