Your firm has chosen to raise capital via an Initial Public Offering. There was discussion amongst the possible types of IPO, but the firm eventually settled on a Dutch Auction. The underwriting syndicate has collected bids that are shown in below." Based on the received bids, determine how many shares each bidder will be granted and the total cost of the shares. What are the total proceeds received by the firm if the syndicate requires a 4% fee for their services?

Total shares to be issued:	6.2	million
	Bidder	Shares Requested	Price
	A	780,000	$37.85
	B	1,200,000	$38.25
	C	1,535,000	$37.15
	D	2,625,000	$37.90
	E	130,000	$38.80
	F	1,900,000	$38.00
	G	2,400,000	$38.25
	H	750,000	$38.15
	I	1,500,000	$38.40
	J	1,850,000	$38.65
	K	850,000	$38.45