You are working for an investment bank in charge of an auction IPO.

The order book for the IPO can be seen below. Based on the order book, if the company plans to sell 1,000,000 shares in the IPO what price would you sell the shares at?

Hint: In an auction IPO all shares are sold at the same price, so those who bid a higher price pay the same as everyone else.

Price	Number of Shares Bid
$5.00	600,000
$5.50	450,000
$6.00	375,000
$6.50	250,000
$7.00	100,000

Group of answer choices:

A) $6.50

B) $5.50

C) $6.00

D) $5.00

E) $7.00