Roundtree Software is going public using an auction IPO. The firm has received the following bids: Price
Question:
Price ($) Number of Shares
14.00 100,000
13.80 200,000
13.60 500,000
13.40 1,000,000
13.20 1,200,000
13.00 800,000
12.80 400,000
Assuming Roundtree would like to sell 1.8 million shares in its IPO, what will be the winning auction offer price?
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First compute the cumulative total number of shares demanded at or ...View the full answer
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