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Your firm is selling 4 million shares in an IPO. You are targeting an offer price...

Your firm is selling 4 million shares in an IPO. You are targeting an offer price of $ 17.69 per share. Your underwriters have proposed a spread of 6.5 %​, but you would like to lower it to 4.5 %. ​However, you are concerned that if you do​ so, they will argue for a lower offer price. Given the potential savings from a lower​ spread, how much lower can the offer price go before you would have preferred to pay 6.5 % to get $ 17.69 per​ share? The offer price would need to drop to ​$ nothing

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