When a company issues stock or shares to the public for the first time, it is referred to as an initial public offering . Initial public offering performance When the demand for an initial public offering (IPO) of securities is less than the number of securities issued, the offering is deemed to be: Undersubscribed Oversubscribed Indigo Inc. is going public and issuing 150,000 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 Indigo IPO. The following table shows the number of shares requested by potential investors in each row. Price per Share Number of Shares Requested 50,000 $63 100,000 Bids Bidder # 1 Bidder # 2 Bidder # 3 Bidder # 4 Bidder # 5 Bidder # 6 150,000 200,000 250,000 300,000 What should be the firm's IPO offer price? $58 OOO