Determine how many new shares of stock would need to be sold in an IPO with the following characteristics:

a. Pre-IPO valuation: $2 billion
b. Number of existing shares (pre-IPO): 50 million
c. Flotation costs (aka "underwriter spread"): 7% of gross proceeds
d. Percentage of post-IPO value of firm that new investors will own: 14.41%?