Question
Luther Industries is in the process of selling shares of stock in an auction IPO. At the end of the bidding period, Luther's investment bank
Luther Industries is in the process of selling shares of stock in an auction IPO. At the end of the bidding period, Luther's investment bank has received the following bids:
| Price ($) | Number of Shares Bid |
| $19.50 | 50,000 |
| $19.25 | 25,000 |
| $19.10 | 25,000 |
| $19.00 | 100,000 |
| $18.75 | 125,000 |
| $18.50 | 75,000 |
| $18.25 | 150,000 |
| $18.00 | 240,000 |
| $17.75 | 80,000 |
| $17.40 | 125,000 |
| $17.15 | 150,000 |
| $16.95 | 100,000 |
| $16.85 | 60,000 |
| $16.75 | 80,000 |
| $16.50 | 75,000 |
| $16.25 | 200,000 |
The proceeds from the IPO be if Luther is selling 1.25 million shares is closest to:
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Entrepreneurial Finance
Authors: Steven Rogers
4th Edition
1260461440, 978-1260461442
