WAC Inc. is going public and issuing 500,000 shares of common stock. The capital raised in the IPO will fund the company's proposed expansion. A Dutch auction is used to allocate shares in the WAC IPO. The following table shows the number of shares requested by potential investors in each row. Bids Bidder 1 Bidder #2 Bidder #3 Number of Shares Requested Price per Share 50,000 $56 100,000 54 150,000 52 200,000 50 250,000 48 300,000 46 Bidder #4 Bidder #5 Bidder 6 What should be the firm's IPO offer price? $52 $48 $50 $57