Question: SC Software is going public using an auction IPO. The firm has received the following bids: Price ($) Number of Shares Bid 15.00. 180,000 14.80.

SC Software is going public using an auction IPO. The firm has received the following bids:

Price ($) Number of Shares Bid

15.00. 180,000

14.80. 200,000

14.60. 500,000

14.40. 1,000,000

14.20. 1,200,000

14.00. 800,000

13.80. 460,000

Assuming SC would like to sell 1.88 million shares in its IPO, what will be the winning auction offer price?

I need step by step explanation plus answer thanks.

SC Software is going public using an auction IPO. The firm has

2) SC Software is going public using an auction IPO. The firm has received the following bids: Price ($) Number of Shares Bid 15.00 180,000 14.80 200,000 14.60 500,000 14.40 1,000,000 14.20 1,200,000 14.00 800,000 13.80 460,000 Assuming SC would like to sell 1.88 million shares in its IPO, what will be the winning auction offer price

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