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Posts: 166
A week ago
Use the information for the question(s) below.

Luther Industries is in the process of selling shares of stock in an auction IPO.  At the end of the bidding period, Luther's investment bank has received the following bids:

Price ($)Number of Shares Bid
$19.50 50,000
$19.25 25,000
$19.10 25,000
$19.00 100,000
$18.75 125,000
$18.50 75,000
$18.25 150,000
$18.00 240,000
$17.75 80,000
$17.50 125,000
$17.25 150,000
$17.00 100,000
$16.90 60,000
$16.75 80,000
$16.50 75,000
$16.25 200,000


The proceeds from the IPO be if Luther is selling 1.25 million shares is closest to:

▸ $21.6 million

▸ $21.1 million

▸ $20.6 million

▸ $20.9 million
Textbook 
Fundamentals of Corporate Finance
Edition: 2nd
Authors:
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Posts: 223
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$21.1 million
1
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