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Roundtree Software is going public using an auction IPO. The firm has received the following bids: Price Number of Shares $15.00 140,000 14.80 220,000 14.60

Roundtree Software is going public using an auction IPO. The firm has received the following bids: Price Number of Shares $15.00 140,000 14.80 220,000 14.60 560,000 14.40 1,300,000 14.20 1,240,000 14.00 860,000 13.80 400,000 Assuming Roundtree would like to sell 2.22 million shares in its IPO, what will the winning auction offer price be?

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