Mаgnоliа Fооds sells 20 million newly issued shаres in its IPO at an offer price of $28.00 per share; no existing shareholders sell. The stock is underpriced by 35% on its first trading day, where underpricing is measured as (first-day closing price - offer price) / offer price. What was the first-day closing price, and how much money did the IPO leave on the table?
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