Boneyard Biscuits Dutch auction for an IPO was a great success. The firm offered 100 million shares.
Question:
Boneyard Biscuits’ Dutch auction for an IPO was a great success. The firm offered 100 million shares. Bids appear below.
a. What is the clearing price?
b. What options do Boneyard and its underwriters have for allocating shares? How many shares will each bidder receive under each option?
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Step by Step Answer:
a We compute the cumulative total of shares to determine when offering of 100 million shares is sold out Bidder Bid price Number of Shares Cumulative ...View the full answer
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Related Book For 
Introduction to Finance Markets, Investments and Financial Management
ISBN: 978-1119398288
16th edition
Authors: Ronald W. Melicher, Edgar A. Norton
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