$32$ Your second option to raise funding is to go public with an IPO. To do this, you can either use an Auction IPO or a firm commitment IPO. You

$33$ decide to run the scenario for both options.

$34$

You put your feelers out to get an idea of the bids you could receive if you choose to use an auction IPO. You would like to sell $1$ million shares in the company. The information you receive reveals the following soft offers.

Based on this data, what would be the auction offer price per share?

$\backslash$table$[[$Price$,\backslash$table$[[$Number$],[$of Shares$]],\backslash$table$[[$Cumulative$],[$Demand$]]],[$$$32\mathrm{.}42,175,000,175,000],[$$$32\mathrm{.}25,195,000,],[$$$32\mathrm{.}00,150,000,],[$$$31\mathrm{.}99,200,000,],[$$$31\mathrm{.}40,280,000,],[$$$31\mathrm{.}00,270,000,],[$$$30\mathrm{.}75,250,000,],[$$$30\mathrm{.}50,100,8,]]$

Auction Price per share: