Google went public and used the Dutch auction to set the offer price for 22.5 million shares. The following table gives the bidding. The stock traded at $100.34 at the end of trading on the first day. What is the percent underpricing? Bidder Price ($) Number of Shares (millions) B1 110 5 B2 90 10 B3 85 20 B4 75 15

a. -18.8 % b. 11.48% c. 33.78% d. 18.04%