Question: Roundtree Software is going public using an auction IPO. The firm has received the followingbids: Price Number of Shares $14.00 100,000 13.80 200,000 13.60 500,000

Roundtree Software is going public using an auction IPO. The firm has received the followingbids:

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 1.80 million shares in itsIPO, what will the winning auction offer pricebe?

The price will be $

nothing

per share.

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