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Roundtree Software is going public using an auction IPO. Assuming Roundtree would like to sell 1.92 million shares in its IPO. The firm has received
Roundtree Software is going public using an auction IPO. Assuming Roundtree would like to sell 1.92 million shares in its IPO. The firm has received the following bids: What will the winning auction offer price be?
\begin{tabular}{lr} Price ($) & Number of Shares \\ \hline 14.80 & 160,000 \\ 14.60 & 260,000 \\ 14.40 & 500,000 \\ 14.20 & 1,000,000 \\ 14.00 & 1,200,000 \\ 13.80 & 880,000 \\ 13.60 & 420,000 \\ \hline \end{tabular}Step by Step Solution
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