1. Roundtree Software is going public using a Dutch auction IPO. The firm has received the following bids. Assume Roundtree would like to sell 2 million shares in its IPO.

1) What is IPO price?

2) Suppose Roundtree allocates shares among successful bidders in a uniform way, how many shares does each bidder get? How much does each bidder need to pay?

Bidder	Price ($)	Number of shares
A	14.00	100,000
B	13.80	200,000
C	13.60	500,000
D	13.40	1,000,000
E	13.20	700,000
F	13.00	800,000
G	12.80	400,000