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New Ocean Tech is going public by selling 2.0 million shares (i.e. 2,000,000 ) through an auction. The following is the bid stack (i.e. the
New Ocean Tech is going public by selling 2.0 million shares (i.e. 2,000,000 ) through an auction. The following is the bid stack (i.e. the bids from the auction, ordered based on price). a. What is the clearing price from the auction? b. What is the rationing rate (proportion of each order filled), if the shares are priced at market clearing? Give your answer, in percent, to the closest one decimal place (i.e. 27.4 or 75.0). Do not add a percent sign, and round to only one decimal place, as in the examples given, or the software will count it as wrong. c. If the auction is dirty, what might the offering price be? Give an example
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