Question: answer and show work/explanation please! 21. Roundtree Software is going public using an auction IPO. The firm has received the following bids. Price # of

answer and show work/explanation please!

21. Roundtree Software is going public using an auction IPO. The firm has received the following bids. Price # of shares 14.40 160,000 14.20 260,000 14 500,000 13.80 1,200,000 13.60 1,280,000 13.40 860,000 13.20 420,000 a. What is an auction IPO? b. Compared to a Firm commitment IPO, what is the advantage of the auction IPO? c. Assuming roundtree would like to sell 2.12 million shares in its IPO, what will be the winning auction offer price

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