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The record-setting raise should translate into a never-before-witnessed take for Wall Street. In the IPO world, those dollars come in two forms. The first: the underwriting fees—or what’s known as the “gross spread”—that the banks receive for pre-selling shares to institutional investors before they start trading, and hence offered to the general public. Jay Ritter of the University of Florida, the leading academic expert on IPOs, reckons that on a deal this immense, the charge would be around 2%. At 2%, the fees for placing the newly-issued $50 billion in stock comes to $1 billion.
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Electricians at work on an airport runway in Ontario, Calif. Frequent outdoor work, regardless of the weather, is a feature of the career. Watchara Phomicinda—MediaNews Group/The Press-Enterprise/Getty Images
This story was originally featured on Fortune.com